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2023 (11) TMI 505 - ITAT JAIPURDepreciation Claim of trust - purchase of assets taken by the assessee as application of Income - HELD THAT:- As decided in Rajasthan & Gujarati Foundation [2017 (12) TMI 1067 - SUPREME COURT] full expenditure had been allowed in the year of acquisition of the assets, what he really meant was that the amount spent on acquiring those assets had been treated as 'application of income' of the Trust in the year in which the income was spent in acquiring those assets. This did not mean that in computing income from those assets in subsequent years, depreciation in respect of those assets cannot be taken into account. As there was no specific provision in this behalf in the Income-tax Act, has made amendment in Section 11(6) of the Act vide Finance Act No. 2/2014 which became effective from the Assessment Year 2015-2016. Based on that observation we allow ground no. 1 raised by the assessee.
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