Allowability of depreciation claimed during the course of assessment proceedings?

Brief Facts of the Case and Question of law Brief Facts: The Assessee society was formed on 7.12.1968 and registered with the Registrar of firms and Societies on 17.12.1968. The Society was registered under section 12AA of the Income Tax Act vide order dated 4.3.1976. The Society is also approved under section 10(23C) by the Chief Commissioner of Income Tax. The gross receipts declared by the assessee were Rs. 9,85,33,522/-. As per section 11(1)(b) of IT Act 1961 ,85% amount required to be applied towards charitable purpose amount were Rs. 8,37,53,494/- Amount actually applied by the assessee ...