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2015 (10) TMI 176 - AT - Income TaxEntitlement to claim of depreciation - cost of acquisition of asset was treated as application of income for the purpose of claiming exemption under section 11 of the Act - CIT(A) allowed the claim - Held that:- In view of the conflicting decisions of the High Courts on the issue, the decision in favour of the assessee is to be followed is the ratio of the decision of the hon'ble Supreme Court in the case of CIT v. Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME Court]. Therefore, respectfully following the decisions of the hon'ble Bombay High Court and the hon'ble Karnataka High Court in the cases of CIT v. Institute of Banking [2003 (7) TMI 52 - BOMBAY High Court ] and CIT v. Society of the Sisters of St. Anne [1983 (8) TMI 44 - KARNATAKA High Court ] respectively and also this Tribunal in the assessee's own case, we sustain the order of the Commissioner of Income- tax (Appeals) on this issue to held that Depreciation should be allowed even on assets, the cost of which had been allowed as exempt under section 11 in the preceding years - Decided against revenue.
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