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2013 (12) TMI 1056 - AT - Income TaxExemption u/s 11(1)(d) Held that:- The assessee has not diverted any specified funds of 35AC projects towards non specified projects - The aseesee has spent corpus donation for 35AC projects and the same cannot be the basis for denying the benefits of exemption as the later is not prohibited by the provisions of the Act Decided against Revenue. Depreciation on capital assets Held that:- The donations received by the assessee trust have been exempt from tax as the provisions of sections 11 to 13 of the Act are applicable in those respective years - The claim of depreciation on the assets acquired through such donation on the opening of WDV in the subsequent years, in our view, does not amount to the claim of double deduction Decided against Revenue. Donation to other trust Held that:- According to the CBDT circular No.1132 dated 5.1.1978, the payment of a sum by one charitable trust to another for utilisation by the donee trust towards its charitable objects is proper application of income for charitable purposes in the hands of the done trust and the donor trust will not lose exemption u/s 11 Following CIT vs. Sarladevi Sarabhai Trust No. 2 [1988 (3) TMI 53 - GUJARAT High Court] - The charitable trust will not lose its exemption u/s 11, if it passes some money to another charitable trust, for utilisation by the donee trust towards its charitable purposes - The provisions of 80G is not applicable to the facts in this case Decided against Revenue.
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