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2021 (10) TMI 413 - AT - Income TaxExemption u/s 11 - Disallowance of depreciation claimed by the assessee stating that there is a double deduction - HELD THAT:- We find that this issue is covered squarely in favour of the assessee by the decision of Rajasthan and Gujarat the charitable foundation [2017 (12) TMI 1067 - SUPREME COURT]. Applicability of the provisions of Section 11 and 12 of the income tax act to the assessee trust - As relying on ADARSH PUBLIC SCHOOL VERSUS JOINT CIT, RANGE-1, NOIDA [2018 (2) TMI 1692 - ITAT DELHI] there is no allegation that the surplus and by the assessee has not been utilized by the assessee for the purpose of charitable activities. Therefore, it remains an uncontroverted fact that the surplus is ploughed back for educational purposes and the assessee exists solely for educational purposes and not for the purposes of the profit. Assessee is entitled to deduction u/s 11 and Section 12 of the income tax act as assessee exists for educational purposes covered as charitable purposes under the provisions of Section 2 (15).
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