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2014 (5) TMI 1178 - AT - Income TaxDisallowance of depreciation to assessee-trust - depreciation cannot be allowed to the assessee being a trust as the full value of the assets had already been allowed as capital expenses during the earlier years and considered as application of income of the trust - Held that:- CIT(A) deleted the disallowance made by the AO in accordance with the judgmentof CIT Vs. Market Committee [2010 (7) TMI 374 - PUNJAB AND HARYANA HIGH COURT] and no contrary decision was brought to our notice. We, therefore, do not see any merit in these grounds of the departmental appeal. Addition on account of interest from bank - as credited to earmarked fund account ignoring the fact that it is a revenue receipt and ought to have been credited to Income and Expenditure Account - Held that:- Issue to be decided in favour of the assessee by following the decision in the case of Sukhdeo Charity Estate Vs. Income Tax Officer [1991 (5) TMI 47 - RAJASTHAN HIGH COURT]. Donations received in kind were not income for the purpose of Section 12(1) - Held that:- In the present case, it is an admitted fact that the assessee received the donations in kind and the same could not be applied, accumulated or invested, therefore, it cannot be treated as income. Therefore, the CIT(A) was fully justified in reversing the observations of the Assessing Officer. We do not see any infirmity in the order of the CIT(A) on this issue.
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