Court Rules Depreciation Only Applicable from Assessment Year 2015-16 Onwards for Section 11 Exemption of Income Tax Act.

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....Grant of depreciation to an entity seeking exemption u/s 11 - Explanatory Memorandum makes it applicable only w.e.f. A Y 2015-16 and application of the amendment retrospectively would certainly lead to a great deal of hardship to the assessee. - HC....