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TMI Blog2010 (8) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... iming double deduction on account of depreciation as has been suggested by learned counsel for the Revenue - It cannot be held that double benefit is given in allowing claim for depreciation for computing income for purposes of section 11 - Decided against the revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as application of income?" 3. The assessee is a society registered under section 12AA of the Act. The assessee claimed depreciation on the capital assets which was not allowed by the Assessing Officer on the ground that income of the assessee being exempt, allowing the claim of depreciation will amount to giving of double benefit. Reliance was placed on judgment of the Hon'ble Supreme Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... position, reliance can be placed upon decision of the Hon'ble Apex Court in the case of CIT v. Alps Theatre (65 ITR 377), Parthas Trust v. CIT (169 ITR 334) (Kerala) (FB). The Hon'ble Madhya Pradesh High Court in the case of Raipur Pallottine Society (8) CTR (MP) 127 clearly held that a charitable trust is entitled to depreciation in respect of assets held by it. In view of these facts, the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supra) was distinguished. It was observed:- "9. In the present case, the assessee is not claiming double deduction on account of depreciation as has been suggested by learned counsel for the Revenue. The income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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