https://www.taxtmi.com/caselaws?id=58744 The Tribunal upheld the allowance of depreciation on assets owned by a trust for income computation under section 11(2) of the IT Act, 1961. Despite the Department's challenge, the Tribunal emphasized the importance of depreciation in determining the trust's actual income, aligning with commercial principles and trustees' duties. The decision relied on established precedents and rejected attempts to question the settled law on depreciation for trust income. The Tribunal's ruling underscored the necessity of considering depreciation for calculating the income available for a trust's objectives, in accordance with prudent business practices and legal principles. en-us Wed, 01 Sep 1982 00:00:00 +0530 Tue, 21 Dec 2010 17:51:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58744 The Tribunal upheld the allowance of depreciation on assets owned by a trust for income computation under section 11(2) of the IT Act, 1961. Despite the Department's challenge, the Tribunal emphasized the importance of depreciation in determining the trust's actual income, aligning with commercial principles and trustees' duties. The decision relied on established precedents and rejected attempts to question the settled law on depreciation for trust income. The Tribunal's ruling underscored the necessity of considering depreciation for calculating the income available for a trust's objectives, in accordance with prudent business practices and legal principles. Case-Laws Income Tax Wed, 01 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58744