Trust can claim both depreciation & application of income on asset in its purchase year

Janaseva Trust Vs ITO (ITAT Bangalore)

The case of Janaseva Trust Vs ITO, heard by ITAT Bangalore, brings into the limelight the pivotal issue of depreciation on fixed assets, and the intriguing scenario of potential double deduction.

Grounds of Appeal Analyzed

1. Depreciation Dispute: The core contention was around the disallowed claim of Depreciation at Rs.31,97,283. The AO believed that allowing depreciation would res

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