https://www.taxtmi.com/caselaws?id=420292 The Tribunal held that the assessee trust was not eligible for exemption under Sections 11 and 13 of the Income Tax Act as its activities were deemed commercial rather than charitable. The trust's shift from Vedic studies to constructing and renting out commercial buildings did not align with its charitable objectives. Consequently, the Tribunal denied the exemption but allowed depreciation on assets based on relevant case law. The CIT(A)'s decision was overturned, and the Assessing Officer's ruling was reinstated. en-us Thu, 24 Feb 2022 00:00:00 +0530 Thu, 31 Mar 2022 08:22:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420292 The Tribunal held that the assessee trust was not eligible for exemption under Sections 11 and 13 of the Income Tax Act as its activities were deemed commercial rather than charitable. The trust's shift from Vedic studies to constructing and renting out commercial buildings did not align with its charitable objectives. Consequently, the Tribunal denied the exemption but allowed depreciation on assets based on relevant case law. The CIT(A)'s decision was overturned, and the Assessing Officer's ruling was reinstated. Case-Laws Income Tax Thu, 24 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420292