Court Confirms Depreciation as Deduction in Income Calculation u/s 11(1)(a) of Income Tax Act, 1961.

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....Claiming Depreciation u/s 32 while claiming exemption u/s 11 - whether while computing income under section 11(1)(a) of the Income Tax Act, 1961, depreciation is not to be allowed? - HELD Yes - normal depreciation could be considered as legitimate deduction in computing real income of assessee on general principles or under Section 11(1)(a). - HC....