https://www.taxtmi.com/caselaws?id=794062 An educational trust was held entitled to exemption under sections 11 and 12 where its education activity had been accepted in an earlier year, no new distinguishing facts were shown, and surplus generation or development receipts alone did not disqualify charitable status. Depreciation on assets was also allowed because, before section 11(6), precedent treated depreciation as a necessary charge even where acquisition cost had been applied as income. On compulsory acquisition of land, section 11(1A) was treated as requiring substantial reinvestment of net consideration in capital assets, not strict tracing of each rupee, and proportionate exemption was considered available. The Revenue's appeals were dismissed. en-us Tue, 23 Jun 2026 00:00:00 +0530 Mon, 29 Jun 2026 09:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794062 An educational trust was held entitled to exemption under sections 11 and 12 where its education activity had been accepted in an earlier year, no new distinguishing facts were shown, and surplus generation or development receipts alone did not disqualify charitable status. Depreciation on assets was also allowed because, before section 11(6), precedent treated depreciation as a necessary charge even where acquisition cost had been applied as income. On compulsory acquisition of land, section 11(1A) was treated as requiring substantial reinvestment of net consideration in capital assets, not strict tracing of each rupee, and proportionate exemption was considered available. The Revenue's appeals were dismissed. Case-Laws Income Tax Tue, 23 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794062