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2016 (10) TMI 493 - AT - Income TaxRejection of Claim of depreciation on the ground that the cost of asset has already been allowed as application of income in past assessment years - income for charitable purposes - Held that:- We find an identical issue had come up before the Tribunal in the case of DCIT Vs. Sanjeevan Vidyalaya Trust (2011 (9) TMI 1113 - ITAT PUNE) wherein the Tribunal after considering the decision of Hon’ble Supreme Court in the case of Escorts Ltd. and Others (1992 (10) TMI 1 - SUPREME Court) and following the decision of the Hon’ble Bombay High Court in the case of DCIT Framjee Cawasjee Institute (1992 (7) TMI 331 - BOMBAY HIGH COURT) has allowed the claim of depreciation in case of relevant asset which has already been allowed as application of income for charitable purposes. - Decided in favour of assessee.
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