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2012 (8) TMI 355 - AT - Income TaxDisallowance claim for depreciation - the assessee is a charitable trust engaged in education - Held that:- The assessee had already been allowed assets as expenditure/application of fund. When full value of assets had been adjusted as an expenditure or application of fund, no assets remained to be depreciated - following the decision in CIT v/s. Sheth Manilal Ranchhoddas Vishram Bhavan Trust [1992 (2) TMI 51 - GUJARAT HIGH COURT] in which depreciation has been allowed even capital assets allowed fully as an expenditure - decided in favour of assessee.
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