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2015 (11) TMI 629 - AT - Income TaxDenial of depreciation under section 32(1) - the assessee being a charitable institution has claimed exemption for the cost of asset by means of application of its income - Held that:- From the assessment year 2015-16, no depreciation can be allowed in respect of any asset, whose acquisition has been claimed as an application of income. In view of this later legislative insertion which is not applicable to the year under consideration and respectfully following the judgment of the hon'ble jurisdictional High Court in the assessee's own case for the immediately preceding assessment year [2015 (8) TMI 89 - DELHI HIGH COURT] to hold that depreciation should be allowed separately in the computation of income. - Decided in favour of assessee.
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