25 July 2014
while you have just referred to trusts, it is advised that in case of charitable trusts you take into consideration the amendment to section 11 and section 10(23c) of the income tax act 1961 as provided under finance act 2014.
After the amendments made, depreciation shall not be considered as application of funds if in earlier years the acquisition of the said asset has been claimed as an application of income. (wef 1 April 2015)
Please refer section 11(6) and explanation to eighteenth proviso to 10(23C).
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