Dr. IT v. Applied Microwave Electronic Engineering & Research IIT Campus

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The Tax Publishers2019 TaxPub(DT) 2402 (Bom-HC)

INCOME TAX ACT, 1961

Section 11(1)(a)

While computing income of charitable trust depreciation was allowable on capital assets, the costs of which were fully allowed as application of income to charitable purposes in past years, which was exempt under section 11.

Charitable trust - Application of income - Allowability of depreciation -

Issue under consideration was whether Tribunal was right in allowing assessee's claim of depreciation on assets, the costs of which were fully allowed as application of income under section 11 in past years. Held: In view of High Court decision in the case of CIT v. Institute of Banking Personnel Services (2003) 264 ITR 110 (Bom) : 2003 TaxPub(DT) 1343 (Bom-HC), the Tribunal was right in allowing assessee's claim of depreciation on assets, the costs of which were fully allowed as application of income under section 11 in past years.

Followed:CIT v. Institute of Banking Personnel Services (2003) 264 ITR 110 (Bom) : 2003 TaxPub(DT) 1343 (Bom-HC)

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

INCOME TAX ACT, 1961

Section 11(1)(a)