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2017 (5) TMI 1415 - AT - Income TaxClaim of Depreciation after claiming exemption u/s 11 - whether claim of depreciation by assessee trust would amount to double deduction? - Held that:- We find that the issue is squarely covered by a decision of the co-ordinate bench in the case of ACIT vs. Vishwachetan Foundation IBMR [2016 (6) TMI 792 - ITAT BANGALORE] as relying on DIT (Exemptions) v. Al-Ameen Charitable Fund Trust [2016 (3) TMI 462 - KARNATAKA HIGH COURT] wherein held while acquiring the capital assets what is allowed as exemption is the income out of which such acquisition of asset is made and when the depreciation deduction is allowed in the subsequent years, it is for the losses or the expenses representing the wear and tear of such capital asset incurred, if not allowed then there is no way to preserve the corpus of the trust for deriving its income. - Decided against revenue
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