https://www.taxtmi.com/caselaws?id=393204 The High Court held that interest income earned from non-members could not be exempted under Section 11 or the principle of mutuality once a trust lost its charitable character under Section 2(15) of the Income Tax Act. The Court upheld the Tribunal's decision in favor of the assessee on this issue. Additionally, it was determined that no double deduction could be claimed for depreciation on assets acquired from capital expenditure, following the precedent set in Escorts Ltd. vs. UOI. The Court also supported the Tribunal's reliance on previous court judgments and found in favor of the assessee regarding the validity of reopening the assessment under Section 147 of the Income Tax Act, leading to the dismissal of the Revenue's appeal. en-us Mon, 02 Mar 2020 00:00:00 +0530 Sat, 07 Mar 2020 10:48:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393204 The High Court held that interest income earned from non-members could not be exempted under Section 11 or the principle of mutuality once a trust lost its charitable character under Section 2(15) of the Income Tax Act. The Court upheld the Tribunal's decision in favor of the assessee on this issue. Additionally, it was determined that no double deduction could be claimed for depreciation on assets acquired from capital expenditure, following the precedent set in Escorts Ltd. vs. UOI. The Court also supported the Tribunal's reliance on previous court judgments and found in favor of the assessee regarding the validity of reopening the assessment under Section 147 of the Income Tax Act, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393204