High Court: Section 11 Exemption Requires Adding Back Depreciation for Accurate Income Reporting in Charitable Asset Acquisitions.

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....Exemption u/s 11 - if the assessee treats expenditure on acquisition of assets as application of income for charitable purposes under Section 11(1)(a) and claims depreciation then in order to reflect its true income, the assessee should write back in the accounts the depreciation amount to form part of the income - HC....