Depreciation allowability to a trust u/s11
This query is : Resolved
02 April 2012
normally all the additions to fixed assets of a charitable trust are taken as income applied for the object of the trust U/S 11.
can a trust can also claim deduction as depreciation at the rates allowed under IT act ?
can a trust can also claim deduction as depreciation at the rates allowed under IT act ?
03 April 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.
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.
07 April 2012
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