Whether trust can claim depreciation on assets even if the cost of asset has been fully allowed as application of income u/s 11 in past years ?
Please also specify the relevant section/case law etc. in support of your answer.
2 Replies
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 25 May 2010
Yes, Trust can claim the depreciation.
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 25 May 2010
Yes.
sEC 11
Case--- CIT v. IBPS (Institute of Banking Personnel Selections) 2003 (131 Taxmann 386(Bom)
Recent Topics
- Response to defective return notice in case of 139
- Capital loss for surcharge purchase?
- RCM on certain expenses under Sec.9(3) and 9(4)
- CPA to Company Registration Services for USA
- RCM RELATED TOPIC
- 194C TDS ON CONTRACTOR
- Capital gains on sale of TDR
- Cash ledger refund
- Interest free loans from directors in private limi
- Section 194T
Related Threads
CAclubindia
