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2021 (12) TMI 450 - AT - Income TaxTaxation of charitable or religious trust/institution as codified u/s 11, 12 and 13 - excess application of income/funds of the trust - assessee’s claim of carry forward of current year’s loss and set-ff of excess deficit pertaining to earlier years - HELD THAT:- CIT(A) in the year under consideration as well as the Tribunal in assessment year 2013-14 .has allowed the ground of the assessee relying on the precedent of jurisdictional High Court. In view of the above, we do not find any infirmity in the order of the Ld. CIT(A) on the issue in dispute and accordingly, we dismiss the ground No.1 of the appeal. Deduction of depreciation in case of trust - CIT(A) has deleted the addition relying on the decision of Hon’ble Supreme Court in the case of Rajasthan and Gujarat the charitable foundation Poona [2017 (12) TMI 1067 - SUPREME COURT] - HELD THAT:- As section 11 (6) of the Act has been inserted by way of Finance Bill 2014, which has restricted deduction of depreciation in case of trust etc. We note that the section 11(6) has been made effective from 01/04/2015 i.e. assessment year 2015-16 onwards and hence, same is not applicable for the year under consideration i.e. for A.Y.2014-15. In view of the above, we do not find any error in the order of the Learned CIT(A) on the issue in dispute and accordingly, the ground No.2 of the appeal of the Revenue, is dismissed.
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