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2022 (5) TMI 192 - AT - Income TaxAssessment of trust - Allowability of depreciation on the value of assets, where the full acquisition cost such assets claimed as application u/s 11 - HELD THAT:- As the allowability of depreciation on assets where the full value of assets was on the previous occasion claimed as “application of income”, we are mindful to elucidate that, even in the present case, the assessee had claimed the cost of asset as application of income u/s 11 of the Act in any of the previous year or years up to AY 2014-15 and is allowed in the light of judicial precedents, the claim of depreciation thereagainst for the year under consideration is not hit by the amended provision of section 11(6) of the Act, as the amended provision of section 11(6) de future prospective in nature and effective from AY 2015-2016 as held in the case of “DIT V/s Al-Ameen Charitable Fund Trust” [2016 (3) TMI 462 - KARNATAKA HIGH COURT]. Ergo, in the light of judicial precedents stated herein above hold that, the appellant Society is eligible for depreciation up to the AY 2014-2015, consequently we direct the Ld. AO to delete the disallowance of depreciation. - Decided in favour of assessee.
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