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Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2012 is deprecation allowed for 85% expenses of gross income

@VaibhavJ

@VaibhavJ (Expert)

23 October 2012 Hi,

Yes..

Rgds//Vaibhav
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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

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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