Trust has claimed depreciation. However, AO disallow the claim of depreciation since 100% of the capital expenditure incurred by the assessee on fixed assets has been considered as application for charitable purposes. The claim of depreciation on these assets would amount to double deduction and is not allowable.
But In the case of CIT VS INSTITUTE OF BANKING (2003) 264 ITR 110 (BOM), It has been held that there is no bar to claim depreciation even where the entire cost of the asset was already claimed as deduction u/s 11.
Can anyone suggest me whether Trust can claim depreciation with case law?
CAclubindia
