'Double deduction' admissible to trust in respect of capital expenditure - Chennai ITAT

Section 11 provides that the income of the Trust is to be computed on commercial basis, i.e., as per normal accounting principles. Normal Accounting Principles clearly provide for deducting depreciation to arrive at income. Therefore capital expenditure as well as depreciation is to be considered as application of Income for the purpose of Section 11 - GKR CHARITIES v. DDIT [2012] 21