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2012 (10) TMI 57 - ITAT DELHICharitable Trust - Depreciation - dis-allowance under order passed u/s 154 - Revenue contended double deduction i.e. capital expenditure as application of income and depreciation on the same assets which have already been claimed as application of income - Held that:- High Court in the case of CIT v Sheth Manilal Ranchhoddas Vishram Bhavan Trust (1992 (2) TMI 51 - GUJARAT HIGH COURT) held that depreciation should be allowed u/s 11(1)(a) for the charitable institutions and societies since income of the Trust is to be computed on commercial basis i.e. as per normal principles of accounting which provides that to arrive at net income, depreciation should be deducted. Therefore, allowance of depreciation by CIT(A) upheld - Decided against Revenue
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