https://www.taxtmi.com/caselaws?id=328150 A statutory board registered as a charitable trust was treated as engaged in advancement of an object of general public utility, so its income was computed under section 11(1) rather than as a business undertaking under section 11(4). Waterfront royalty paid to the State Government was regarded as application of income for the statutory object, and the section 43B issue did not survive once section 11(4) was found inapplicable. The text also notes that the same income cannot be taxed simultaneously under sections 11(1) and 11(4), that notional premium on Alang plots could not be spread without basis, that 15% accumulation is computed on gross income, and that depreciation is allowable in charitable income computation subject to correct quantification. en-us Wed, 27 Apr 2016 00:00:00 +0530 Fri, 27 May 2016 10:11:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328150 A statutory board registered as a charitable trust was treated as engaged in advancement of an object of general public utility, so its income was computed under section 11(1) rather than as a business undertaking under section 11(4). Waterfront royalty paid to the State Government was regarded as application of income for the statutory object, and the section 43B issue did not survive once section 11(4) was found inapplicable. The text also notes that the same income cannot be taxed simultaneously under sections 11(1) and 11(4), that notional premium on Alang plots could not be spread without basis, that 15% accumulation is computed on gross income, and that depreciation is allowable in charitable income computation subject to correct quantification. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328150