https://www.taxtmi.com/caselaws?id=327187 A charitable institution with a dominant object of general public utility did not lose section 11 exemption merely because incidental surplus arose, as the proviso to section 2(15) applies only where trade, commerce or business is the dominant activity. Depreciation on assets already treated as application of income remained allowable in computing charitable income for years before the prospective introduction of section 11(6), and the lease-rental addition was rejected because the receipts were consistently accounted for under an established proportionate method with no material showing tax avoidance. The result was deletion of the depreciation disallowance and lease-rental addition. en-us Wed, 20 Apr 2016 00:00:00 +0530 Tue, 03 May 2016 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327187 A charitable institution with a dominant object of general public utility did not lose section 11 exemption merely because incidental surplus arose, as the proviso to section 2(15) applies only where trade, commerce or business is the dominant activity. Depreciation on assets already treated as application of income remained allowable in computing charitable income for years before the prospective introduction of section 11(6), and the lease-rental addition was rejected because the receipts were consistently accounted for under an established proportionate method with no material showing tax avoidance. The result was deletion of the depreciation disallowance and lease-rental addition. Case-Laws Income Tax Wed, 20 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327187