Case law please

---------- Forwarded message ----------
From: CA Vikas Garud <anveshak27@gmail.com>
Date: Tue, May 8, 2012 at 4:31 PM
Subject: Re: NashiCAs Case law please
To: nashicas@googlegroups.com

GKR Charities Versus Deputy Director of Income-tax (Exemptions)-I - Tribunal - 2012 - TMI - 213034 - ITAT CHENNAI

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Disallowance of depreciation while computing the income of the assessee-trust – assessee filed return admitting NIL income after claiming deduction u/s 11- Held that:- Income for the purpose of Section 11 of the Act is the income as per the accounts of the Trust - income in the commercial sense without reference to the heads of income specified in Section 14 - concept of commercial income necessarily envisages deduction of depreciation on assets of the Trust – Decided in CIT v. Rao Bahadur Calawala Cunnan Chetty Charities (1979 -TMI - 35614 - MADRAS High Court) – in favour of assessee.