2019 (10) TMI 1023

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..... ssets of assessee trust - HELD THAT:- The learned Senior Standing Counsel appearing for the Revenue fairly submits that the substantial question of law, which has been framed in these appeals, has been answered against the Revenue by the Hon'ble Supreme Court in CIT vs. Rajasthan and Gujarati Charitable Foundation [ 2017 (12) TMI 1067 - SUPREME COURT ] Following the same, these appeals stand d .....

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..... the case, the Tribunal was right in holding that the assessee is entitled to claim depreciation on the assets, in the form of, application of income, even though the cost of purchase of asset was treated as application of income under Section 11 of the Act? 3.Heard Mr. M. Swaminathan, learned Senior Standing Counsel assisted by Ms. V. Pushpa, learned Junior Standing Counsel for the appellant/Reven .....

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