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2018 (3) TMI 1577 - AT - Income TaxDepreciation on capital assets already been allowed as application of income u/s 11 - Held that:- Identical to the issue before the Hon’ble Apex Court in CIT Vs. Rajasthan and Gujarati Charitable Foundation Poona (2017 (12) TMI 1067 - SUPREME COURT) and following the same parity of reasoning, we hold that the assessee is entitled to claim deduction on account of depreciation on the assets, cost of which has already been allowed as application of income under section 11 of the Act in preceding years. Upholding the order of CIT(A), we dismiss the grounds of appeal raised by the Revenue.
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