https://www.taxtmi.com/caselaws?id=466530 Assessment of trust exemption addressed allowability of depreciation where asset cost had been treated as application of income in earlier years; tribunal found the depreciation disallowance unjustified and directed deletion, reasoning that the statutory amendment concerning application of income has prospective effect only, following Supreme Court precedent. Tribunal also considered denial of excess 15% accumulation due to belated filing of Form 10; treating the filing requirement as directory rather than mandatory, it ordered allowance of the accumulated amount and directed consequential recomputation by the assessing officer. Appeal allowed in favour of the assessee. en-us Thu, 27 Feb 2025 00:00:00 +0530 Wed, 11 Feb 2026 14:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466530 Assessment of trust exemption addressed allowability of depreciation where asset cost had been treated as application of income in earlier years; tribunal found the depreciation disallowance unjustified and directed deletion, reasoning that the statutory amendment concerning application of income has prospective effect only, following Supreme Court precedent. Tribunal also considered denial of excess 15% accumulation due to belated filing of Form 10; treating the filing requirement as directory rather than mandatory, it ordered allowance of the accumulated amount and directed consequential recomputation by the assessing officer. Appeal allowed in favour of the assessee. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466530