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2015 (4) TMI 1126 - BOMBAY HIGH COURT

2015 (4) TMI 1126 - BOMBAY HIGH COURT - [2016] 384 ITR 412 - Allowability of depreciation to assessee-trust - Held that:- Revenue's understanding of double deduction is without legal basis. Allowability of depreciation in respect of capital expenditure incurred by the assessee-trust and for the purpose of section 11 confirmed. See S. C. Dharmadhikari [2014 (10) TMI 540 - BOMBAY HIGH COURT] and A. K. Menon JJ [2014 (12) TMI 145 - BOMBAY HIGH COURT] - Decided against revenue - I. T. A. No. 1311 of .....

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tion 11 of the Income-tax Act, 1961, was the issue before the Tribunal. It held that the difference between application of income for acquiring an asset and the claim for depreciation which is in relation to the use or application of the asset for achieving the stated object or purpose has to be borne in mind. If it is borne in mind, then, there is no question of double deduction as is apprehended in such matters by the Revenue. 3. In reaching this conclusion, the Tribunal has followed the view .....

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