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2013 (11) TMI 123 - AT - Income TaxDisallowance of depreciation – Charitable trust - The assessee had invested in building, which was held for the purposes of its objectives - The investment in building was taken as application of income - Held that:- Following findings in case of Institute of Banking [2003 (7) TMI 52 - BOMBAY High Court] - the amount of depreciation debited to the account of charitable institutions is to be deducted to arrive at an available income from charitable or religious purposes – Following Shri Adichunchanagiri Shikshana Trust [2010 (1) TMI 1100 - ITAT BANGALORE] - Wherein the Tribunal has allowed depreciation on an asset, even though the investment on the same was allowed as an application of income – Decided in favour of assessee.
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