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2019 (1) TMI 991 - AT - Income TaxDisallowance of Depreciation to assessee trust - whether capital expenditure was already allowed as application towards charitable purposes and allowance of depreciation thereon would amount to double deduction - Held that:- Apex Court in CIT Vs. Rajasthan and Gujarati Charitable Foundation (2017 (12) TMI 1067 - SUPREME COURT) has held that the assessee – trust is entitled to depreciation u/s 32 of the Act on assets whose cost has been allowed as application towards charitable purposes u/s 11(1)(a) of the Act - the amendment in section 11(6) of the Act brought about by Finance (No.2) Act, 2014 which became effective from Assessment Year 2015-16 and prohibited the allowance of depreciation in such cases, is prospective in nature. Thus the assessee is entitled to be allowed depreciation u/s 32 on assets whose cost has been allowed as application towards charitable purposes. - Decided in favour of assessee.
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