https://www.taxtmi.com/caselaws?id=59184 The Tribunal upheld the Commissioner (Appeals)' decisions in a case involving an assessee-trust. It allowed depreciation on assets owned by the trust, emphasizing that depreciation is a normal outgoing in determining income for section 11 purposes. The Tribunal also agreed with the Commissioner (Appeals) that the entire surplus income could be accumulated under section 11(2) and that grants from Government and local authorities should be treated as income for application purposes. Both the revenue's appeal and the assessee's cross-objection were dismissed by the Tribunal. en-us Mon, 23 Feb 1981 00:00:00 +0530 Sat, 25 Dec 2010 14:07:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59184 The Tribunal upheld the Commissioner (Appeals)' decisions in a case involving an assessee-trust. It allowed depreciation on assets owned by the trust, emphasizing that depreciation is a normal outgoing in determining income for section 11 purposes. The Tribunal also agreed with the Commissioner (Appeals) that the entire surplus income could be accumulated under section 11(2) and that grants from Government and local authorities should be treated as income for application purposes. Both the revenue's appeal and the assessee's cross-objection were dismissed by the Tribunal. Case-Laws Income Tax Mon, 23 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59184