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2019 (6) TMI 665 - AT - Income TaxDisallowance of claim of depreciation to assessee trust - double deduction - HELD THAT:- Assessee trust in the case on hand is to be allowed its deduction of depreciation on assets while computing its income u/s 11 even though the amount spent on acquisition of the said capital asset was already allowed as application of income in furtherance of the objects/charitable activities of the assessee trust in the year of acquisition. In coming to this view, we place reliance on the decisions of CIT Vs. Society of Sisters of St. Anne [1983 (8) TMI 44 - KARNATAKA HIGH COURT] , Al-Ameen Charitable Fund Trust [2016 (3) TMI 462 - KARNATAKA HIGH COURT] and Karnataka Reddy Janasangha [2016 (3) TMI 462 - KARNATAKA HIGH COURT] and the decisions of City Hospital Charitable Trust [2015 (6) TMI 235 - ITAT BANGALORE] and Jyothi Charitable [2015 (7) TMI 859 - ITAT BANGALORE] which have decided the issue in favour of the assessee and against revenue on the issue of the assessee being entitled to be allowed depreciation on assets, the cost of which has already been claimed as application of income u/s 11 of the Act. - Decided against revenue. Carry forward of current year’s deficit along with earlier year’s deficit for set off to the subsequent years - HELD THAT:- Following the decision of the co-ordinate bench of this Tribunal in the case of Shraddha Trust [2017 (4) TMI 1289 - ITAT BANGALORE] we uphold the order of the learned CIT(A) in allowing the assessee’s claim to carry forward of current year’s deficit along with earlier year’s deficit for set off to the subsequent years. Consequently, the ground No.2 raised by Revenue in this appeal is dismissed.
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