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2018 (3) TMI 73 - AT - Income TaxDisallowance of depreciation to assessee trust - Held that:- The issue of allowability of depreciation in the case of Charitable Trust has been decided by the Hon’ble Gujarat High Court in the case of CIT vs. Sheth Monilal Ranchhuddas Vishram Bhavan Trust [1992 (2) TMI 51 - GUJARAT High Court] wherein as observed that the computation under the different categories or heads arises only for the purpose of ascertaining the total income for the purposes of charge. That provisions cannot be introduced to find out what the income derived from the property held under trust to be excluded from the total income is, for the purpose of the exemptions under Chapter III. Following the aforesaid decision in the instant case the Tribunal was justified in holding that having regard to the scheme of the Act, 'income' referred to in section 11(1)(a) was not to be computed not in accordance with the provisions of the Act but in accordance with the normal rules of the accountancy under which the depreciation has to be allowed while computing such income under section 11(1)(a) - Decided in favour of assessee
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