https://www.taxtmi.com/caselaws?id=60090 The Tribunal held that the assessee did not qualify as a charitable institution under Section 2(15) of the Income-tax Act, 1961, and was not entitled to tax exemption under Section 11. The primary basic rent and additional rent were deemed taxable as business income, and income from house property was to be assessed based on municipal valuation. Deductions for sinking fund, interest, depreciation on buildings were mostly denied, except for repairs. The set-off of brought forward unabsorbed business loss and depreciation was permitted. The assessee's appeals were partially allowed, while the department's appeal for the assessment year 1989-90 was rejected, with the cross-objection partly allowed. en-us Fri, 29 Mar 1996 00:00:00 +0530 Mon, 03 Jan 2011 16:32:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60090 The Tribunal held that the assessee did not qualify as a charitable institution under Section 2(15) of the Income-tax Act, 1961, and was not entitled to tax exemption under Section 11. The primary basic rent and additional rent were deemed taxable as business income, and income from house property was to be assessed based on municipal valuation. Deductions for sinking fund, interest, depreciation on buildings were mostly denied, except for repairs. The set-off of brought forward unabsorbed business loss and depreciation was permitted. The assessee's appeals were partially allowed, while the department's appeal for the assessment year 1989-90 was rejected, with the cross-objection partly allowed. Case-Laws Income Tax Fri, 29 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60090