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2021 (4) TMI 548 - HC - Income TaxAssessment of trust - depreciation allowable as application of income on charitable objects - Double deduction - Whether the Tribunal was right in holding that the assessee is entitled to claim depreciation on the assets, in the form of application of income, even though cost of purchase of asset was treated as application of income under section 11? - HELD THAT:- As decided in M/s.National College Council, Teppakulam, Tiruchirapalli [2021 (4) TMI 469 - MADRAS HIGH COURT] dismissed the appeals and answered the substantial questions of law against the Revenue.
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