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Purchase of Capital Assets allowed as Application of Income u/s 11(1) as well as Depreciation allowed u/s 32

Income Tax - Direct Tax Code - DTC - By: - CA Surender Gupta - Dated:- 18-9-2015 Last Replied Date:- 21-8-2016 - Interpretation of Section 11(1) clause a of the Income Tax Act, 1961 - whether depreciation allowed on capital assets cannot be treated as application of income under the said clause? - Held that:- Kerala High Court in Lissie Medical Institution vs. CIT [2012 (4) TMI 115 - KERALA HIGH COURT] following the decision in the case of Escorts Ltd. v. Union of India [1992 (10) TMI 1 - SUPREM .....

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income would be required. This may be impractical and would disturb the working of many a charitable institutions. The legal interpretation which has continued since 1984, if disturbed and implemented, would not appropriately resolved. Consistency and certainty is more appropriate. Decision in the case of Escorts Ltd. (supra) was considered by the Delhi High Court in DIT vs. Vishwa Jagriti Mission [2012 (4) TMI 289 - DELHI HIGH COURT] decided on 29th March, 2012 and was distinguished. The equal .....

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into consideration for the purpose of ensuring compliance, i.e., application of money or funds and is not a factor which determines and decides the quantum of income derived from property held under trust. Computation of income is separate and distinct and has to be made on commercial basis by applying provisions of the Act. - Decided against revenue. Position w.e.f. Assessment Year 2015-16 However, on or after 1.4.2015, the double deduction as above will not be allowed since section 11 has been .....

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