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2015 (3) TMI 1289 - AT - Income TaxDenial of application of benefits u/s 11 and 12 - violation of sec. 13(1)(d) in respect of TISCO share - Held that:-As far as the assessee's appeal is concerned, this Bench of ITAT in assessee's own case for the assessment year 2008-09 has held that the assessee cannot be denied exemption u/s 11 and 12 of the Act because of its investment in continuing in TISCO shares. It has been further held that dividend income from TISCO shares is exempt u/s 10(34) of the I T Act. Therefore, the trust is eligible for benefits of sec 11 and 12 of the I T Act and there will be no addition in taxable income as dividend income is exempt. Thus respectfully following our own decision in the case of the assessee, the grounds raised by the assessee’s appeals are allowed. Depreciation claim - Held that:- Charitable institutions can claim depreciation on assets acquired out of application of trust income, irrespective of the facts that cost of purchase is out of application of income exempt u/s 11 and 12 of the Act.
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