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Amendment to section 11(6) restricting depreciation is prospective
Case Law Details
- Case Name
- CIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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CIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India)
Depreciation allowable in assets cost of which has already been allowed as application of income. Amendment in section 11(6) restricting depreciation in such came is prospective in nature.
These are the petitions and appeals filed by the Income Tax Department against the orders passed by various High Courts granting benefit of depreciation on the assets acquired by the respondents-assessees. It is a matter of record that all the assessees are charitable institutions registered under section 12A of the Income Tax Act (...
