Depreciation to be allowed on assets even if cost fully allowed as application of income under section 11

Depreciation on the capital assets was allowable even when capital expenditure on the acquisition of the corresponding assets had already been allowed as ‘application of income’for the purpose of allowing the exemption under s 11. CIT Vs Market Committee, Tohona (Punjab and Haryana High Court)– Whether on the facts and in the circumstances of the case, the Honourable ITAT is justified in allowing depreciation on the capital assets even when capital expenditure on acquisition of the corresponding assets had already been allowed as ‘application of income’ for the purpose of allow...