Depreciationof fixed assets of a charitable trust
This query is : Resolved
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.
Thank You
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.
Thank You
CA Navin Jain
(Expert)
09 October 2012
depreciation of fixeed assets is considered as an expenses while calaculation of utilization of funds.
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.
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.
Message likes :
1 times
CA Ayush Agarwal
(Expert)
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’
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’
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
