https://www.taxtmi.com/caselaws?id=382426 The Tribunal upheld the rejection of the appellant's claim that its income was exempt as an extended arm of the State Government. It recognized the appellant as a charitable institution, directing computation of income under sections 11 and 12. The reassessment was corrected to reflect actual income, lease transactions were classified as financial leases, and deductions for land and development expenses were allowed. Depreciation on leased assets was permitted, including on opening WDV. Revenue's objections on depreciation were dismissed, affirming the appellant's entitlement. The Tribunal allowed the appeals and dismissed Revenue's objections. en-us Thu, 27 Jun 2019 00:00:00 +0530 Wed, 03 Jul 2019 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382426 The Tribunal upheld the rejection of the appellant's claim that its income was exempt as an extended arm of the State Government. It recognized the appellant as a charitable institution, directing computation of income under sections 11 and 12. The reassessment was corrected to reflect actual income, lease transactions were classified as financial leases, and deductions for land and development expenses were allowed. Depreciation on leased assets was permitted, including on opening WDV. Revenue's objections on depreciation were dismissed, affirming the appellant's entitlement. The Tribunal allowed the appeals and dismissed Revenue's objections. Case-Laws Income Tax Thu, 27 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382426