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2021 (8) TMI 1228 - HC - Income TaxClaiming Depreciation u/s 32 while claiming exemption u/s 11 - whether while computing income under section 11(1)(a) of the Income Tax Act, 1961, depreciation is not to be allowed? - HELD THAT:- The substantial questions of law framed for consideration have been answered in favour of the assessee in the case of CIT vs. Rajasthan and Gujarati Charitable Foundation Poona [2017 (12) TMI 1067 - SUPREME COURT] held that normal depreciation could be considered as legitimate deduction in computing real income of assessee on general principles or under Section 11(1)(a).
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