Assessment of trust - claim of depreciation - Exemption u/s 11 - ...

Case Laws Income Tax

March 25, 2021

Assessment of trust - claim of depreciation - Exemption u/s 11 - section 32 of the Income-tax Act providing for depreciation for computation of income derived from business or profession is not applicable. However, the income of the Trust is required to be computed under section 11 on commercial principles after providing for allowance for normal depreciation and deduction thereof from gross income of the Trust. - AT

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Assessment of trust - claim of depreciation - Exemption u/s 11 - ...

Case Laws Income Tax

March 25, 2021

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