The Assessing Officer denied the depreciation on assets on the ground that the entire cost of the assets had on a previous occasion been claimed and allowed as application of income in the hands of the assessee, and the Commissioner (Appeals) affirmed. On appeal the Tribunal held that  the assessee was entitled to depreciation on assets where the full value of assets was on a previous occasion claimed as the application of income. (AY.  2013-14, 2014-15)