https://www.taxtmi.com/caselaws?id=467314 Depreciation on assets whose cost was earlier treated as application of income is allowable for computing applied funds; the claim of depreciation was accepted. Net additions to fixed deposit receipts invested in modes permitted by statute qualify as application of income for the previous year and were allowed. The 85 percent application computation must use receipts after adjusting expenditure, and where application meets the 85 percent requirement no statutory notice was required; the contrary finding was set aside. In consequence, the appellate enhancement of taxable income was quashed and recomputation directed resulting in nil taxable income on the facts. en-us Wed, 25 Jan 2012 00:00:00 +0530 Sat, 14 Mar 2026 11:59:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467314 Depreciation on assets whose cost was earlier treated as application of income is allowable for computing applied funds; the claim of depreciation was accepted. Net additions to fixed deposit receipts invested in modes permitted by statute qualify as application of income for the previous year and were allowed. The 85 percent application computation must use receipts after adjusting expenditure, and where application meets the 85 percent requirement no statutory notice was required; the contrary finding was set aside. In consequence, the appellate enhancement of taxable income was quashed and recomputation directed resulting in nil taxable income on the facts. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467314