2011 (2) TMI 952 - HC - Income Tax

Depreciation - whether depreciation on fixed asset is allowable in the case of charitable trust/institution particularly when the income is computed as per provisions of section 11 to 13 - Held that - The matter is covered against the revenue by order of this Court in CIT v. Market Committee, Pipli 2010 (7) TMI 374 - Punjab and Haryana High Court .

Summary

The High Court dismissed the appeal by the revenue regarding the allowance of depreciation on fixed assets for a charitable trust/institution for the assessment year 2004-05. The matter was previously decided against the revenue in a similar case. The appeals were dismissed and a copy of the order was to be placed in the file of other connected cases.