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12AA Trust
XYZ is a charitable trust registered u/s 12AA w.e.f 01.04.2011. During the P.Y. 2018-19, it received a specific corpus donation for construction of building which was claimed as exempt u/s 11 during the said previous year. Now, during the P.Y. 2019-20, it desires to claim depreciation on such building as application of its income. Comment upon the validity of the said claim of depreciation.
Replies (1)
Where any capital asset has been allowed as application of income, then no depreciation can be claimed on such assets.
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