09 October 2012
hi all, Can depreciation of fixed assets of a charitable trust be disallowed on the basis of utilization of funds for the 85 % criteria?? if yes, explain.
09 October 2012
Depreciation is disallowed in the case of Lissie Medical Institutions Vs.CIT ,decision of Kerala High Court dated 17/02/2012, wherein it was observed that dual deduction for cost of the asset and depreciation can't be availed.
09 October 2012
Depreciation & Fixed Asset Cost Both are Allowed in 85% Criteria. There are Some Cases in Which Hearing is in favour of Some Time Assessee & Some Time in Favour of Department. But The Conclusion & Last Juridictional Judgement in Favour of assessee Only.
One Case I remember is Case law:- Krishi Upaj Mandi Samiti ITAT JAIPUR BENCH ‘A’
CAclubindia
