Dismissing the appeal of the revenue the Court held that the assessee is entitled to claim depreciation on assets, in form of application of income, even though cost of purchase of such assets was treated as application of income under section 11. (AY 2009-10)
CIT v. Kongunadu Arts & Science (2021) 282 Taxman 158 (Mad.)(HC)
S. 11 : Property held for charitable purposes-Cost of purchase was treated as application of income-Entitle to depreciation. [S. 32]