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2012 (8) TMI 640 - AT - Income TaxDisallowance of depreciation - assessee society claimed exemption u/s 10(23C) - Held that:- Tribunal decided the issue in assessee's own case of allowability of depreciation on the capital asset in favour of the assessee and observed that the judgment of the Hon’ble Supreme Court in the case of Escorts India Ltd. reported in [1992 (10) TMI 1 - SUPREME Court ] is applicable to the facts of the present case though it is true that claiming depreciation, besides claiming the full cost of assets as application of income does prima facie look like a double claim of deduction and is unthinkable while computing the business income of any other person but such claim is allowable in the case of trusts/societies in order to make their working viable. - Decided in favor of assessee. Deduction claimed u/s 35(2)(iv) while computing the business income is not applicable to trusts/societies, as their income is not required to be computed in terms of section 28 to 44 of the Act, but is required to be computed in accordance with section 11 to 13 - Decided in favour of assessee.
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