Depreciation allowable despite claim of entire cost of Asset as application of Income by Trust

CIT Vs Ramananda Adigalar Foundation (Madras High Court)

Issue Raised

Whether on the facts and in the circumstances of the case, the Tribunal was right In holding ¢hat the assessee is entitled to claim depreciation on the assets jn the form of application of income, even though cost of purchase of asset was treated as application of income under Section 11?

Whether in law and in the facts and circumstances of thé case, the Tribunal is right in holding that allowing the depreciation claim of the assessee would not result in double deduction, though the entire cost of the depreciable assets has already been allowed as application of income towards object of the trust?”

Held

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