Whether trust can claim depreciation on assets even if the cost of asset has been fully allowed as application of income u/s 11 in past years ?
Please also specify the relevant section/case law etc. in support of your answer.
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charitable & religious trust
Replies (2)
Yes, Trust can claim the depreciation.
Yes.
sEC 11
Case--- CIT v. IBPS (Institute of Banking Personnel Selections) 2003 (131 Taxmann 386(Bom)
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