HC on allowability of depreciation & set off of deficit of earlier years claimed by Trust

Assessee Trust can claim depreciation on capital assets acquired for the purposes of carrying out charitable activities and set off of deficit of earlier years against income of the current year.  Full Text of the High Court Judgment / Order is as follows:- 1. This Appeal under section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 21-3-2013 passed by the Income Tax Appellate Tribunal (the Tribunal) for the assessment year 2007- 08. 2. The Revenue urges the following questions of law for our consideration :– “(a) Whether on the facts and in the circumstan...