Trust can avail of depreciation on asset even if sum incurred on its acquisition is claimed as application of income

Section 32, read with section 12A of the Income-tax Act, 1961 - Depreciation - Allowance/rate of (Charitable Trust) - Whether a trust registered under section 12A, can claim depreciation on assets of which cost has already been allowed as application of income - Held, yes [Para 11] [In favour of assessee]

Refer:[2014] 46 taxmann.com 241 (Madhya Pradesh)

HIGH COURT OF MADHYA PRADESH

Commissioner of Income-tax

v.

Devi Sakuntala Tharal Charitable Foundation