https://www.taxtmi.com/caselaws?id=405778 The proviso to section 2(15) does not deny charitable status where an institution's dominant object remains charitable and its activities are not shown to be carried on as trade, commerce or business; incidental sponsorships or receipts do not by themselves destroy exemption under sections 11 and 12. Depreciation is also allowable on charitable assets even where the acquisition cost has already been treated as application of income, because that treatment does not bar subsequent depreciation and does not create an impermissible double deduction. The stated position preserves both charitable exemption and depreciation for genuine charitable institutions. en-us Tue, 23 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405778 The proviso to section 2(15) does not deny charitable status where an institution's dominant object remains charitable and its activities are not shown to be carried on as trade, commerce or business; incidental sponsorships or receipts do not by themselves destroy exemption under sections 11 and 12. Depreciation is also allowable on charitable assets even where the acquisition cost has already been treated as application of income, because that treatment does not bar subsequent depreciation and does not create an impermissible double deduction. The stated position preserves both charitable exemption and depreciation for genuine charitable institutions. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405778