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Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2012 is deprecation allowed for 85% expenses of gross income

@VaibhavJ

@VaibhavJ (Expert)
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23 October 2012 Hi,

Yes..

Rgds//Vaibhav
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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 October 2012 In CIT Vs Society of Sister of St. Anne 146 ITR 28,depreciation in addition to capital expenditure is allowed to be claimed as income applied to charitable/religious purposes. But in view of the decision of the Supreme Court in Escorts Ltd. V Union of India reported in 199 ITR 43, double deduction in respect of the same outgoing ,i.e. depreciation and capital expenditure, cannot be allowed.

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