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
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.
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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’
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