2016 (7) TMI 1457 - SCH - Income Tax

Depreciation claim of assessee charitable institution u/s 12A - As decided by HC 2016 (2) TMI 1174 - RAJASTHAN HIGH COURT it is well settled that in computing income of a charitable institution/trust depreciation of assets owned by such an institution is a necessary deduction on commercial principles hence the amount of depreciation has to be deducted to arrive at the income available. Held that - To be heard along with Civil Appeal in LISSIE MEDICAL INSTITUTIONS VERSUS COMMISSIONER OF INCOME TAX 2017 (12) TMI 1010 - SUPREME COURT

Summary

The Supreme Court condoned delay and granted leave for the case to be heard along with other connected matters, as per the order by Hon'ble Mr. Justice A.K. Sikri and Hon'ble Mr. Justice N.V. Ramana. (Citation: 2016 (7) TMI 1457 - SC Order)