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A statutory maritime board was held to fall within charitable purpose as an institution advancing general public utility, because its port dues, vessel-related charges, cargo and land charges, and other user fees arose from statutory port development, regulation and allied functions under governmental control. Surplus, reserves, or private participation through concessions did not by themselves establish commercial activity, so exemption under sections 11 and 12 remained available. An impermissible investment under section 11(5) read with section 13(1)(d) was held to affect only the income relatable to the offending investment, not the entire exemption. Addition of tax deducted at source as separate income was deleted. Depreciation under section 11(6) required asset-wise factual verification where double deduction was not shown.
A statutory maritime board was held to fall within charitable purpose as an institution advancing general public utility, because its port dues, vessel-related charges, cargo and land charges, and other user fees arose from statutory port development, regulation and allied functions under governmental control. Surplus, reserves, or private participation through concessions did not by themselves establish commercial activity, so exemption under sections 11 and 12 remained available. An impermissible investment under section 11(5) read with section 13(1)(d) was held to affect only the income relatable to the offending investment, not the entire exemption. Addition of tax deducted at source as separate income was deleted. Depreciation under section 11(6) required asset-wise factual verification where double deduction was not shown.
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