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Depreciation

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(Querist)
14 February 2010 Can trust claim Depreciation u/s 32 of the I.T Act,1961?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 February 2010 Yes. Depreciation shall be allowed on the assets the cost of which had been fully allowed as application of income u/s 11.

Citation :- CIT Vs Institute of Banking Personnel Selection (2003) 264 ITR 110(Bom).
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CP Ram

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CP Ram (Expert)
14 February 2010 Fully agree with Mr. Chackrapani Warrier..
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SIDDHARTH KOTHARI

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SIDDHARTH KOTHARI (Querist)
17 February 2010 sir,
U/s 32,the depreciation is allowed only if assessee is falling under the head of business and profession,the trust is not a tall doing any business,then how it be allowed to the trust?
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