https://www.taxtmi.com/caselaws?id=457120 The ITAT Chennai denied section 11 exemption to a trust operating a community hall/marriage hall. The tribunal held that rental income from the hall constituted business income rather than charitable activity under the amended section 2(15) post-2008. The hall was deemed a separate commercial asset distinct from the trust's charitable activities of education, medical relief, and poverty alleviation. The tribunal distinguished this from incidental commercial use of charitable assets during spare time. Depreciation benefits were denied on assets whose costs were already allowed as application of income under section 11(1)(a), though depreciation would be available if section 11 exemption is withdrawn and income is taxed as business income. en-us Fri, 12 Jun 2015 00:00:00 +0530 Thu, 05 Sep 2024 18:34:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457120 The ITAT Chennai denied section 11 exemption to a trust operating a community hall/marriage hall. The tribunal held that rental income from the hall constituted business income rather than charitable activity under the amended section 2(15) post-2008. The hall was deemed a separate commercial asset distinct from the trust's charitable activities of education, medical relief, and poverty alleviation. The tribunal distinguished this from incidental commercial use of charitable assets during spare time. Depreciation benefits were denied on assets whose costs were already allowed as application of income under section 11(1)(a), though depreciation would be available if section 11 exemption is withdrawn and income is taxed as business income. Case-Laws Income Tax Fri, 12 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457120