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2012 (9) TMI 180 - ITAT, CHENNAIDisallowance of claim of depreciation - expenditure incurred on acquisition of capital asset has already been allowed - assessee is an AOP registered u/s 12AA - assessment was reopened u/s 147 - Held that:- The income of the appellant being exempt, the appellant is only claiming that the depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purpose of the Trust. There is no double deduction claimed by the appellant as stated by the Assessing Officer. It cannot be held that double benefit is given in allowing claim for depreciation for computing income for the purposes of Section 11 - against revenue. Decision in Escorts Ltd vs Union of India (1992 (10) TMI 1 - SUPREME COURT) distinguished.
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