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2021 (10) TMI 793 - AT - Income TaxExemption u/s 11 - charitable activity u/s 2(15) - HELD THAT:- As decided in own case [2021 (10) TMI 728 - ITAT BANGALORE] assessee is a charitable society and is not primarily driven by profit motive, therefore, the proviso to section 2(15) of the I.T.Act does not have application to the assessee. Thus we hold that the assessee is not hit by proviso to section 2(15) of the I.T.Act. Accordingly, the A.O. is directed to grant benefit of exemption u/s 11 of the I.T.Act for the relevant assessment year. Disallowance of depreciation - cost of assets as claimed as application of income - double deduction - HELD THAT:- Identical issue was decided in favour of the assessee by the order of the Tribunal in the case of Bangalore Metropolitan Transport Corporation [2019 (8) TMI 1125 - ITAT BANGALORE] - In the instant case, the concerned assessment year being 2009-2010, the amendment to section 11(6) of the I.T.Act by the Finance (No.2) Act, 2014 will not have application. Accordingly, we direct the A.O. to grant depreciation on the assets irrespective of the fact that the cost of assets is claimed as application of income. It is ordered accordingly.
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