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2015 (11) TMI 1119 - ITAT CHENNAI

2015 (11) TMI 1119 - ITAT CHENNAI - [2015] 41 ITR (Trib) 473 (ITAT [Chen]) - Claim of depreciation - cost of the asset was allowed under section 11 - Held that:- as application income since the assessee is a charitable institution entitled for exemption under section 11. Therefore, the cost of the asset becomes nil. When the cost of the asset becomes nil, there is no question of allowing any depreciation. If the depreciation is allowed then it would amount to double deduction. The income of the .....

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f the Act falls in Chapter IV under heading Computation of total income, however, section11 falls in Chapter III which provides for incomes which do not form part of the total income. Therefore, this Tribunal is of the considered opinion that the provisions of section 11 of the Act will override section 32. - Decided against assessee. - I. T. A. No. 2097 /Mds/ 2014(assessment year 2010-11). - Dated:- 26-6-2015 - N. R. S. GANESAN (Judicial Member) and A. MOHAN ALANKAMONY (Accountant Member) N. Ma .....

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a charitable institution, claimed depreciation on capital asset. The Assessing Officer found that the cost of acquisition of the asset was fully allowed earlier as application of income, therefore, there is no question of allowing depreciation on the asset. The learned Departmental representative placed reliance on the judgment of the hon'ble Kerala High Court in the case of Lissie Medical Institutions v. CIT in I. T. A. No. 42 of 2011 dated February 17, 2012 [2012] 348 ITR 344 (Ker). 4. On .....

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