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2016 (2) TMI 901 - HC - Income TaxEntitled to a claim of deduction on account of depreciation in respect of the assets which has been acquired and used for the purpose of activities of the trust - Held that:- Amount spent on acquiring assets are taken as application of income for the purposes of Section 11 of the Act and the depreciation claimed thereafter on the same amount i.e. the value of fixed assets during the subsequent years is being granted on the user of the same. There is no question of double deduction in allowing of depreciation in respect of assets acquired and used by the Trusts. See M/s.Jawaharlal Nehru Port Trust (2015 (6) TMI 684 - BOMBAY HIGH COURT ) and The Watch Tower Bible & Tract Society of India [2015 (1) TMI 480 - BOMBAY HIGH COURT] - Decided in favour of assessee.
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