Director Of Income Tax (Exemption) vs M/S Indraprastha Cancer Society on 18 November, 2014
7. I have heard both the parties and perused the records especially the
order of the Ld. CIT(A) and the order of the Hon'ble High Court of Delhi in
the case of Director of Income Tax (Exemption) vs. Indraprastha
Cancer Society reported in [2015] 53 taxmann.com 463 (Delhi),
wherein the Hon'ble Delhi High Court has held that where a
charitable institution, which has purchased capital assets and
treated amount spent on purchase of capital asset as application
of income, is entitled to claim depreciation on same capital asset
utilized for business.