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2016 (8) TMI 54 - AT - Income TaxSet off of unabsorbed expenses of earlier years against the income of the current year of Trust - Held that:- Income derived from the trust property has also got to be computed on commercial principles and if commercial principles are applied then adjustment of expenses incurred by the trust for charitable and religious purposes in the earlier years against the income earned by the trust in the subsequent year 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 of the Act and that such adjustment will have to be excluded from the income of the trust under section 11(1)(a) of the Act. See CIT v. Institute of Banking [2003 (7) TMI 52 - BOMBAY High Court ] - Decided in favour of assessee Disallowance of depreciation to assessee trust - Held that:- Depreciation to assessee trust is to be allowed as depreciation would not amount to double deduction. See CIT v. Society of the Sisters of St. Anne [1983 (8) TMI 44 - KARNATAKA High Court ] .- Decided in favour of assessee
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