https://www.taxtmi.com/caselaws?id=398785 Charitable exemption under section 11 could not be denied on the basis of alleged under-valuation of lease rentals where the Revenue relied only on market comparisons and internet material, with no independent corroborative evidence of a prohibited benefit to specified persons; the consistent acceptance of the arrangements and the higher-than-municipal rent also supported the assessee, so section 13 was not attracted. Corpus donations received for the trust's objects were voluntary contributions of capital nature and did not become taxable income merely because exemption was disputed. The assessee therefore remained entitled to section 11 exemption, and the corpus receipts were not assessable as revenue income. en-us Wed, 03 Jun 2020 00:00:00 +0530 Thu, 24 Sep 2020 11:05:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398785 Charitable exemption under section 11 could not be denied on the basis of alleged under-valuation of lease rentals where the Revenue relied only on market comparisons and internet material, with no independent corroborative evidence of a prohibited benefit to specified persons; the consistent acceptance of the arrangements and the higher-than-municipal rent also supported the assessee, so section 13 was not attracted. Corpus donations received for the trust's objects were voluntary contributions of capital nature and did not become taxable income merely because exemption was disputed. The assessee therefore remained entitled to section 11 exemption, and the corpus receipts were not assessable as revenue income. Case-Laws Income Tax Wed, 03 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398785