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2016 (8) TMI 1405 - AT - Income TaxAccumulation of income u/s. 11(2) - Held that:- As find that assessee has given a notice of accumulation of funds, but the AO did not take cognizance of this fact and has made the addition; whereas the CIT(Appeals) has examined the issue in detail in the light of various judicial pronouncements and since find no infirmity in the order of CIT(Appeals), thus confirm the same. Disallowance of depreciation claimed by the assessee trust - Held that:- CIT(Appeals) has decided the issue in the light of judgments of various High Courts in which it has been held that depreciation is exhaustion of effective life of a fixed asset owing to its ‘use’ or obsolescence. It is computed as part of the cost of asset which will not be recovered when the asset is put to use. Even the Hon’ble Bombay High Court has held that depreciation should be allowed even on assets received on transfer on which no cost was borne by the assessee trust. CIT(Appeals) has properly adjudicated the issue and no interference is called for. - Decided against revenue
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