https://www.taxtmi.com/caselaws?id=384936 A statutory transport corporation claiming charitable status under the advancement of an object of general public utility retained exemption under section 11 because incidental receipts from advertisements, space letting and allied activities did not displace its dominant public utility purpose or show a trade, commerce or business motive. Depreciation on assets whose cost had already been treated as application of income was also allowable in computing charitable income, since depreciation is a normal deduction and does not create a prohibited double deduction. The later restriction in section 11(6) was prospective and applied only from assessment year 2015-16 onwards. en-us Wed, 21 Aug 2019 00:00:00 +0530 Mon, 26 Aug 2019 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384936 A statutory transport corporation claiming charitable status under the advancement of an object of general public utility retained exemption under section 11 because incidental receipts from advertisements, space letting and allied activities did not displace its dominant public utility purpose or show a trade, commerce or business motive. Depreciation on assets whose cost had already been treated as application of income was also allowable in computing charitable income, since depreciation is a normal deduction and does not create a prohibited double deduction. The later restriction in section 11(6) was prospective and applied only from assessment year 2015-16 onwards. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384936