Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion

Brief of the Case

ITAT Delhi held In the case of ITO (E) vs. M/s Calorex Foundation that application of income is not computation of income and the provisions of application of income would come into play after only the income chargeable to tax is determined and the income has to be in its general sense and depreciation is one of the deductions availed under law and there is no reason for disallowing of the same. There is no specific exclusion which disallows the deduction u/s 32 while claiming e

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