https://www.taxtmi.com/caselaws?id=279291 The Tribunal upheld the Assessing Officer's decision to treat income from the auditorium as business income, denying exemption under Section 11(4A) of the Income Tax Act. It also rejected the claim for depreciation on assets, emphasizing that for business income to be exempt, it must be incidental to the trust's objectives, and separate books of account must be maintained. The Tribunal concluded that the trust's auditorium activities were not incidental to its objectives, leading to the dismissal of the appeal. en-us Wed, 29 Jun 2016 00:00:00 +0530 Tue, 12 Mar 2019 07:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279291 The Tribunal upheld the Assessing Officer's decision to treat income from the auditorium as business income, denying exemption under Section 11(4A) of the Income Tax Act. It also rejected the claim for depreciation on assets, emphasizing that for business income to be exempt, it must be incidental to the trust's objectives, and separate books of account must be maintained. The Tribunal concluded that the trust's auditorium activities were not incidental to its objectives, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279291