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2011 (4) TMI 75 - HC - Income TaxAllowable expenditure - charitable purposes as defined in section 2(15) of the Income-tax Act - expenditure of Rs.9,56,027/- claimed to have been contributed to HSAM Board under statutory obligation by virtue of Section 27 of the Punjab Agricultural Produce Market Act, 1961 is allowable Depreciation on fixed asset - the assessee is not claiming double deduction on account of depreciation as has been suggested by learned counsel for the Revenue. The income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purposes of the trust. There is no double deduction claimed by the assessee as canvassed by the Revenue. (See The Commissioner of Income Tax, Karnal v. Market Committee, Pipli - 2010 -TMI - 202247 - Punjab and Haryana High Court)
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