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2016 (6) TMI 1457 - AT - Income TaxExemption u/s 11 - claim of depreciation - double deduction - assessee is a charitable trust with the object of promoting and developing sports, health and fitness awareness and also to impart coaching and training in various sports activities along with conducting sports competition, arranging tournaments, etc - HELD THAT:- As relying on case of Institute of Banking Personal [2003 (7) TMI 52 - BOMBAY HIGH COURT] income derived from the trust property also has to be computed on commercial principle and if “commercial principles” are applied then adjustment of expenses incurred by the trust for charitable and religious purposes in earlier years against the income earned by the trust in subsequent years will have to be regarded as application of income of the trust for charitable and religious purposes in the subsequent year in which adjustment has been made having regard to the benevolent provisions, contained in section 11 and that such adjustment will have to be excluded from the income of the trust u/s 11(1)(a) therefore, respectfully following the decision from Hon’ble jurisdictional High Court, we find no infirmity in the conclusion drawn by the Ld. Commissioner of Income Tax (Appeal). We affirm the same. - Decided against revenue.
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