Held, allowing the appeal, that for the assessment year 2016-17 there could not be double deduction allowed to the assessee if the assessee claimed the acquisition of the asset as application of income as well as depreciation on the same amount. The assessee had claimed depreciation on this sum for first time in the financial year ended on March 31, 2014, subsequently on March 31, 2015 and in March 31, 2016, i. e., the assessment year in question. In the earlier assessment years, the depreciation had been allowed to the assessee in assessments under section 143(3) of the Act. Thus, the assessee had not claimed it as application of income to the extent  The disallowance of depreciation is  reversed.(AY.2016-17)