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2019 (5) TMI 1320 - AT - Income TaxAssessment of trust - Set off brought forward excess application of income and carry forward the excess application of income - HELD THAT:- This issue is no longer res-integra as per the decision of Hon’ble Supreme Court in the case of CIT vs. Subros Educational Society, [2018 (4) TMI 1622 - SC ORDER] wherein it is held that eligible trust which are enjoying the registration u/s.12AA of the Act are entitled to carry forward and set off of the excess application of income. Thus, we do not find any merits in the grounds of appeal. Therefore grounds of appeal No.2.1 to 2.4 filed by the Revenue are dismissed. Depreciation as application of income before the amendment - HELD THAT:- This issue is also covered in favour of the assessee by the decision of Hon’ble Supreme Court in the case of CIT vs. Rajasthan & Gujarti Charitable Foundation [2017 (12) TMI 1067 - SUPREME COURT] wherein it was held that the income of the trust is required to be computed u/s.11 of the Act on commercial principles after providing for allowance for normal depreciation, affirmed the view of the Hon’ble Bombay High Court in the case of DIT (Exemption) vs. Framjee Casasjee Institute [1992 (7) TMI 331 - BOMBAY HIGH COURT] and differing with the view expressed in the case of Lissie Medical Institutions vs. CIT [2012 (4) TMI 115 - KERALA HIGH COURT]. Therefore in view of the settled legal proposition in favour of the assessee trust, we do not find any reason to interfere with the order of the ld. Commissioner of Income Tax (Appeals). - Decided against revenue
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