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/-.

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