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| The Tax Publishers2020 TaxPub(DT) 2180 (Pune-Trib) INCOME TAX ACT, 1961
Section 11
Depreciation was permissible deduction considering use of assets by assessee-trust.
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Charitable trust - Exemption under section 11 - Allowability of depreciation on assets -
Assessee charitable-trust claimed depreciation of fixed assets. AO rejected assessee's claim on the ground that earlier when assessee acquired assets it claimed cost thereof as deduction on account of application of income and, therefore, allowance of depreciation would lead to double deduction.Held: Deduction earlier claimed was towards application of funds of trust for acquiring assets. The latter was depreciation and it was permissible deduction considering use of assets. There was nothing like double deduction. Accordingly, depreciation was to be allowed.
Followed:Vile Parle Kelavani Mandal (2015) 58 Taxmann 258 (Bom) : 2015 TaxPub(DT) 4996 (Bom-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2005-06
INCOME TAX ACT, 1961
Section 11
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