Held entitled to claim depreciation on assets, in form of application of income, even though cost of purchase of such assets was treated as application of income. Excess amount spent by assessee-trust towards religious and charitable purposes in an earlier year could be carried forward and set off against income of assessee in succeeding years. (AY. 2014-15)
Rama Naick Charitable Trust v. ITO(E) (2021) 190 ITD 647 (Chennai) (Trib.)
S. 11 : Property held for charitable purposes-Depreciation-Application of income-Cost of purchase was treated as application of income-Depreciation is allowable-Excess amount spent in earlier year-Allowed to be carried forward and set off. [S. 32, 72]