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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 October 2012
is deprecation allowed for 85% expenses of gross income
23 October 2012
Hi,
Yes..
Rgds//Vaibhav
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Yes..
Rgds//Vaibhav
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24 October 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.
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