Education Society can claim depreciation in respect of assets, cost of which is claimed by them as application

M/s. Kamineni Educational Society vs. Joint DIT (Exemptions) Issue- The common issue involved in these appeals is about the disallowance of depreciation claimed by assessee in respective assessment years on the reason that the cost of assets had been claimed as application of income by assessee in the preceding years and this would amount to double deduction in view of decision of Hon’ble Supreme Court in the case of Escorts Ltd., vs. UOI 199 ITR 43 (SC). Held- The judgment of the Supreme Court in Escorts Limited Vs. Union of India (supra) is inapplicable to the present case. There are t...