Denial of depreciation to trust not justified as genuineness of building construction expense proved

Advertisement Sri Srinivasa Educational & Charitable Trust Vs DCIT (ITAT Bangalore) ITAT Bangalore held that once the genuineness of the building construction expenditure is proved, the consequential claim of depreciation on such genuine assets cannot be denied to trust since depreciation was claimed only on actual assets used for charitable purpose. Facts- The assessee is a charitable trust incorporated under section 25 of the companies Act 1956 corresponding to section 8 of the companies Act 2013.Post search operation, AO completed the assessment vide order dated 24th November 2023, ...