https://www.taxtmi.com/caselaws?id=71558 The appeals are partly allowed. The assessee trust is recognized as a public charitable trust entitled to exemption under the Income-tax Act, subject to the satisfaction of other conditions. The principle of mutuality applies to the income from activities involving members, but not to income from outside sources. The disallowance of depreciation and certain expenses is upheld. en-us Wed, 10 Feb 1988 00:00:00 +0530 Mon, 25 Apr 2011 16:15:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71558 The appeals are partly allowed. The assessee trust is recognized as a public charitable trust entitled to exemption under the Income-tax Act, subject to the satisfaction of other conditions. The principle of mutuality applies to the income from activities involving members, but not to income from outside sources. The disallowance of depreciation and certain expenses is upheld. Case-Laws Income Tax Wed, 10 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71558