Depreciation on asset allowable if acquisition is not claimed as application of income

Anand Education Trust Vs ACIT (ITAT Kolkata) ITAT Kolkata held that depreciation is allowable on asset of the assessee if acquisition is not claimed as application of income. Notably, after change in law in section 11(6), assessee has not claimed acquisition of property towards application of income while computing the total taxable income. Facts- The assessee is a Charitable Trust, which is running a School by the name of GEMS Akademia International School. The assessee has been enjoying registration u/s. 12AA of the Income Tax Act, 1961 since 2009. The case of the assessee was selected for s...