TMI Blog2002 (7) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... arried on a profit earning activity by having let out the first floor to a firm in which one of the trustees was a partner and, therefore, it was not entitled to exemption under sections 11 and 12 of the Income-tax Act, 1961?" - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 was a partner and, therefore, it was not entitled to exemption under sections 11 and 12 of the Income-tax Act, 1961?" None appeared for the assessee. Heard Mr. Singhi, learned counsel for the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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-section (3) of the Income-tax Act, 1961, which reads as under: "if any land, building or other property of the trust or institution is, or continues to be, made available for the use of any person r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a firm, in which one of the trustees is a partner, is an inadequate amount, therefore, the assessee is not entitled to exemption under section 11 of the Income-tax Act, 1961, in this view of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
