M/S.MARYMATHA SCHOOL TRUST,COCHIN vs. THE ITO(EXEMPTION), COCHIN

In the result, the appeal filed by the assessee is partly allowed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.285/Coch/2017 Assessment Year : 2012-13 M/S. Mary Matha School Trust, Vs. The Income Tax Officer Thrikkakara P.O. (Exemption), Kochi. Kochi-682 021. [Pan:Aabtm 0241L]

11 of the Act on the basis of commercial principles after providing for allowance for normal depreciation and deduction of depreciation from gross income of the Institution. Accordingly, it was held that normal depreciation could be considered as legitimate deduction in computing real income of assessee on general principles or section