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2014 (8) TMI 1046 - ITAT CHENNAIDepreciation on the asset on application of income under Section 11 - double deduction - CIT(A) allowed the claim - Held that:- Admittedly, the CIT(A) has followed order of the ‘tribunal’ in the case of the ITO, Company Ward – I Vs. M/s. CMS Educational & Charitable Trust [2013 (4) TMI 771 - ITAT CHENNAI ] holding that a claim of depreciation alike the case involved herein is allowable in case of a charitable trust who has included assets in application/exemption u/s.11A of the Act. The co-ordinate bench has followed the case law of Vegetable Products ( 1973 (1) TMI 1 - SUPREME Court ) to conclude that in case of divergent judicial precedents, the one favouring the assessee has to be adopted. On being granted opportunity, the Revenue neither points out any distinction on facts nor refers to any judgment of the hon’ble jurisdictional high court. In these circumstances, we affirm CIT(A) findings under challenge. - Decided in favour of assessee
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