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2013 (6) TMI 903 - AT - Income TaxEligibility to claim depreciation as an application of income for the purpose of claiming exemption under Section 11 - Held that:- In assessee's own case, for assessment years 2005-06 and 2006-07, this Tribunal, had held that an assessee could claim depreciation as application of income of funds while computing its eligible exemption under Sections 11 and 12 of the Act. The same view has been followed by this Tribunal in the case of Sri Ranganathar Trust [2013 (1) TMI 1025 - ITAT CHENNAI] - Decided in favour of assessee.
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