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2019 (12) TMI 485 - AT - Income TaxExemption u/s 11(1)(d) - claiming depreciation on fixed assets while treating the same as application of funds - double deduction - AO treated the development fees was a revenue income of the assessee and not capital receipt as claimed by the assessee - assessing officer treated the one time admission fees as revenue receipt - HELD THAT:- Amount utilized for Requiring Fixed assets is allowable as application of income as per sec. 11(1)(a) of the Act. There are two separate issues one is pertaining to application of income and other is computation of income. In application of income of trust, amount applied for acquiring fixed assets is considered as eligible, therefore this ground of appeal is allowed and AO is directed to allow amount of investment in the fixed assets as part of application of income as per sec. 11(1)(a). Decision in the case of [2019 (4) TMI 553 - ITAT AHMEDABAD] and [2017 (9) TMI 965 - ITAT AHMEDABAD] followed. Appeal of the revenue is dismissed.
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