Delhi HC confirms ITAT order for AYs 1989-90, 1993-94, 1997-98, 1999-2000 and 2000-01, holds that depreciation not to be deducted while computing exempt income from operating warehouses under erstwhile Sec. 10(29); Rejects Revenue’s stand that depreciation partakes the character of expenditure and hence should be reduced from gross receipts while computing exempt income u/s. 10(29); Relies upon SC ruling in Nectar Beverages Pvt. Ltd. to hold that “irrespective of the provision in which the word ‘depreciation’ is used, owing to the very nature of the word, it is not a loss or an expenditure or a trading liability”; Thus concludes that “neither the CIT (A) nor the ITAT has committed any legal error in concluding that for the purposes of Section 10(29) of the Act ‘depreciation’ is not an expense but allowance”; ITAT while ruling in favour of assessee, had relied upon Ahmedabad ITAT special bench ruling in Vishnu Anant Mahajan and Mumbai ITAT ruling in in Hoshang D. Nanavati wherein it was held that depreciation is not an ‘expenditure’ and should not be considered for computing disallowance u/s 14A.:HC