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2014 (1) TMI 1632 - AT - Income TaxDisallowance of depreciation - Held that:- Amount of depreciation debited to the account of Charitable Institutions is to be allowed as deduction to arrive at the income available for application to charitable or religious purposes. Accordingly the disallowance made by the Assessing Officer on account of depreciation of ₹ 2,79,58,973/- as claimed by the assessee is hereby deleted Following the judgment of Hon’ble Delhi High Court in the case of Director of Income Tax Vs. Raguvanshi Charitable Trust in [2010 (7) TMI 158 - DELHI HIGH COURT], the appellant society is allowed to carry forward the deficit of the current year and to set off the same against the income of the subsequent years - Decided against Revenue.
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