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Taxation of trusts

This query is : Resolved 
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(Querist)
26 September 2012 This is my third post relating to taxation of trust but still didn't got the satisfactory answer.

Suppose a trusts purchased a fixed asset say for Rs. 5,00,000, depreciation would be charged @ 10%.
Now which amount is a application of income while computing the income as per IT Act
Rs. 5,00,000 (fixed asset cost)
or
5,50,000 (fixed asset cost & depreciation on it)
Some says it would be 5,00,000 and some 5,50,000.

please reply.
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Nitesh Parmar

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Nitesh Parmar (Expert)
26 September 2012 Application of income would be 500000
as no where mention tnat depreciation should be added first as it is reductin in value of assets as time pass.
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Nitesh Parmar

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Nitesh Parmar (Expert)
26 September 2012 Application of income would be 500000
as no where mention tnat depreciation should be added first as it is reductin in value of assets as time pass.
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CA Prabhat Kumar Makhija

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CA Prabhat Kumar Makhija (Querist)
26 September 2012 thanks for your valuable suggestion.
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