Depreciation Claim on Fixed Assets by Trust – ITAT Directs reconsideration

ACIT (Exemptions) Vs Raghavendra Educational (ITAT Bangalore) In the case of ACIT (Exemptions) vs. Raghavendra Educational before the ITAT Bangalore, the appeal by the revenue was directed against the order of NFAC for the assessment year 2016-17. The revenue raised several grounds of appeal, primarily challenging the allowance of depreciation claimed by the assessee for the financial year 2015-16. The Assessing Officer (AO) disallowed the depreciation claimed by the assessee on the basis that the cost of acquisition of the assets had been allowed as capital expenditure in earlier years and wa...