Normal depreciation is legitimate deduction in computing real income on general principles

The Music Academy Madras Vs DDIT (Exemptions) (Madras High Court) It is not in dispute that the substantial questions of law framed for consideration have been answered in favour of the assessee by the Hon’ble Supreme Court in the case of CIT vs. Rajasthan and Gujarati Charitable Foundation Poona reported in (2018) 402 ITR 0441 (SC). The Hon’ble Supreme Court held that normal depreciation could be considered as legitimate deduction in computing real income of assessee on general  principles or under Section 11(1)(a) of the Act. Thus, by following the above decision, the appeal fil...