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2017 (4) TMI 1289 - AT - Income TaxDisallowance of depreciation as part of application of income of the trust - Held that:- This issue is no more res integra as the Hon’ble jurisdictional High Court, in the case of CIT vs. Karnataka Reddy Janasangha (2016 (6) TMI 1181 - KARNATAKA HIGH COURT) considering several precedents on the issue, held that the same does not amount to double deduction and the same is allowable and the amended provisions of section 11(6) of the Act are prospective in nature and operative effective from 01/04/2015 Whether accumulation of income should be on gross receipt or net income after deducting the expenditure, is covered by the decision of the Hon’ble Supreme Court in the case of CIT vs. Programme for Community Organisation (2000 (11) TMI 4 - SUPREME Court) wherein it was held that 25% should be calculated on the gross receipts of income and not on the net income. Therefore, these grounds of appeal raised by the revenue are dismissed. Carry forward of excess application of income to subsequent years - Held that:- This issue is covered against the revenue by co-ordinate bench of Tribunal in the case of Deputy Director of Income-tax vs. Jyothy Charitable Trust (2015 (7) TMI 859 - ITAT BANGALORE).
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