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2010 (10) TMI 667 - ITAT, COCHINCharitable Trust - Simultaneous claim of exemption u/s 11 and depreciation u/s 32 i.e double deduction - Claim of Depreciation on capital assets allowed as application of income - Held that:- allowance thereof on the same capital expenditure, i.e., which already stands `allowed’ as deduction by way of application of income, in computing income under the Act, which is to accord with the principles of commercial accounting, is not permissible, even if the depreciation is to be allowed under the Act, serve as it does the same purpose and is on the same footings, citing our reasons for the same in detail, drawing extensive support from the decision in the case of Escorts Ltd. & Othrs. v. UOI (1992 -TMI - 5386 - SUPREME Court) holding of the same as squarely covering the proposition. - Double deduction not allowed - decided in favor of revenue.
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