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2017 (12) TMI 802 - AT - Income TaxDepreciation claim of assessee trust - double deduction - Held that:- The assessee is not into business and its profits are exempt. The assets acquired are out of application of capital funds and the depreciation is calculated to determine the actual income over expenditure. The allowability of deduction of depreciation in the case of a charitable / religious trust is supported by a number of other legal precedents by Hon’ble Courts. Thus a charitable / religious trust is entitled to deduction of depreciation allowance and such a deduction does not amount to double benefit or double deduction. Accordingly, we delete the disallowance made on this count and ground is accordingly allowed.
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