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2022 (5) TMI 48 - ITAT RAIPURDeprecation claim of trust - claim of depreciation allowable on the value of assets, the acquisition cost of which claimed as application u/s 11 - HELD THAT:- In our considered view, the issue is no more res integra, the Hon'ble Supreme Court in the case of “CIT Vs Rajasthan and Gujarati Charitable Foundation Poona” 2017 (12) TMI 1067 - SUPREME COURT as settled the issue in favour of assessee 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 trust 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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