Court held that the amount spent on acquisition of capital assets is allowable as deduction. Depreciation on such assets is also allowable. Followed CIT v. Rajasthan and Gujarati Charitable Foundation (2018) 402 ITR 441 (SC). (AY. 2012-13)
CIT v. Manipal Academy of Higher Education. (2019) 415 ITR 361 (Karn.)(HC)
S. 11 : Property held for charitable purposes-Amount spent on acquisition of capital assets – Allowed as deduction-Depreciation on such assets is also allowable. [S. 32]