Depreciation
This query is : Resolved
14 February 2010
Can trust claim Depreciation u/s 32 of the I.T Act,1961?
14 February 2010
Yes. Depreciation shall be allowed on the assets the cost of which had been fully allowed as application of income u/s 11.
Citation :- CIT Vs Institute of Banking Personnel Selection (2003) 264 ITR 110(Bom).
Citation :- CIT Vs Institute of Banking Personnel Selection (2003) 264 ITR 110(Bom).
17 February 2010
sir,
U/s 32,the depreciation is allowed only if assessee is falling under the head of business and profession,the trust is not a tall doing any business,then how it be allowed to the trust?
U/s 32,the depreciation is allowed only if assessee is falling under the head of business and profession,the trust is not a tall doing any business,then how it be allowed to the trust?
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