Supreme court decision
This query is : Resolved
23 June 2009
can any one email me reccent judgement of supreme court on double deduction of depreciation in case of trust?????
24 June 2009
Not double deduction of depreciation. Full cost of the asset is allowed as an application of income. At the same time depreciation on the said asset is also allowed as an application of income for allowing tax exemption u/s 11(1)(a) and 11(2). There are several high court decisions upholding this view. One such decision,among others,is CIT Vs. Institute of Banking (2003) 264 ITR 110(Bom).
Lately, some assessing officers have started disallowing depreciation quoting decision in the case of Escorts Ltd & Anr Vs. UOI (1993)199 ITR 43(SC). But this decision is based on an amendment to section 35(2)(iv)and consequential amendments were not seen in section 11. Hence an avenue is opened for litigation.
Lately, some assessing officers have started disallowing depreciation quoting decision in the case of Escorts Ltd & Anr Vs. UOI (1993)199 ITR 43(SC). But this decision is based on an amendment to section 35(2)(iv)and consequential amendments were not seen in section 11. Hence an avenue is opened for litigation.
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