https://www.taxtmi.com/caselaws?id=337976 A statutory development authority engaged in planned urban development retained charitable status because its dominant object was advancement of an object of general public utility, and incidental receipts from ancillary activities did not defeat exemption under sections 11 and 12. The proviso to section 2(15) and section 13(8) were held inapplicable, as the assessee's registration under section 12AA stood restored and no breach of other exemption conditions was shown. The Tribunal also held that rejection of books under section 145(3), best-judgment assessment under section 144, disallowances linked to a revised accounting policy, and the objection to depreciation were unsustainable, since the revised method was bona fide and depreciation remained allowable even where capital cost had earlier been treated as application of income. en-us Tue, 22 Nov 2016 00:00:00 +0530 Sat, 21 Jan 2017 17:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337976 A statutory development authority engaged in planned urban development retained charitable status because its dominant object was advancement of an object of general public utility, and incidental receipts from ancillary activities did not defeat exemption under sections 11 and 12. The proviso to section 2(15) and section 13(8) were held inapplicable, as the assessee's registration under section 12AA stood restored and no breach of other exemption conditions was shown. The Tribunal also held that rejection of books under section 145(3), best-judgment assessment under section 144, disallowances linked to a revised accounting policy, and the objection to depreciation were unsustainable, since the revised method was bona fide and depreciation remained allowable even where capital cost had earlier been treated as application of income. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337976