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2012 (9) TMI 179 - AT - Income TaxClaim of depreciation as well as application of income of the trust as per Section 11 - Held that:- As decided in CIT vs. Market Committee, Pipli [2010 (7) TMI 374 - PUNJAB AND HARYANA HIGH COURT] the assessee is not claiming double deduction on account of depreciation as has been suggested by counsel for the Revenue. The income of the assesse being exempt, the assesse 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 - in favour of assessee. Decision in Escorts Ltd vs Union of India (1992 (10) TMI 1 - SUPREME COURT) distinguished. Decision in Escorts Ltd not to be applicable to the situation where depreciation was claimed by a charitable institution in determining percentage of funds applied for the purposes of charitable objects.
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