TaxTMI 
TaxTMI 
2002 (7) TMI 83
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....following question for our opinion: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that even if the assessee-trust is assumed to be a valid charitable trust at the inception, in any case, it ceased to be a charitable trust, as it indirectly carried on a profit earning activity by having let out the first floor to a firm in which one of the trustees ....
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....members of the family of the settler. The Income-tax Officer was of the view that the rent of the first floor of the trust property let out to the firm only for Rs. 200 per month, while the rent of that portion has been estimated at Rs. 16,000, therefore, this comes under the exception of section 13(2)(b) read with sub-section (3) of the Income-tax Act, 1961. Section 13(2)(b) read with sub-secti....
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....tax Officer has rightly estimated the rent of that part of the building at Rs. 16,000, therefore, it comes under the exception and is hit by the provisions of section 13(2)(b) of the Act. When the consistent finding of the three authorities, i.e., the Assessing Officer, Appellate Assistant Commissioner and Tribunal, is there that the rent of that portion of the building, which has been given to ....