ITAT allows Depreciation to Trust- Section 11(6) amendment is prospective

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation by following the decision of Hon’ble Karnataka High Court in the case of DIT V/s Al-Ameen Charitable Fund Trust (383 ITR 517) wherein it was held that amendment to Section 11(6) was prospective in nature and operative w.e.f. 01/04/2015 only. Aggrieved th...