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2011 (2) TMI 1408 - AT - Income TaxExemption u/s 11 - claim of depreciation in computing the income of trust - inclusion of cost of the assets as application of funds and allowing depreciation on the assessee - double taxation or not - HELD THAT:- Considering the material as well as case laws cited by the rival side, it is found that in the recent judgement of the Hon’ble High Court of Punjab & Haryana in the case of COMMISSIONER OF INCOME-TAX VERSUS. TINY TOTS EDUCATION SOCIETY [2010 (7) TMI 377 - PUNJAB AND HARYANA HIGH COURT] has concluded to decide the issue in favour of the assessee holding that it can not be held that double benefit is given in allowing claim for depreciation for computing income for purposes of Sec.11. Since the issue is squarely covered in favour of the assessee and Department has not brought any contrary material or any higher Courts order in its favour, therefore, there are no infirmity or flaw in the orders of the CIT(A) in this regard as such while concurring with the conclusion as drawn by the CIT(A), the orders are upheld and the appeals of the Revenue are dismissed being devoid of any merits. Appeal dismissed.
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