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2011 (7) TMI 795 - AT - Income TaxExemption u/s 11 - the activities of the medical college were not started - It is an undisputed fact that Section 10(23C)(iiiae) of the Act is applicable in case the correct annual receipts of such hospital or institution did not exceed Rs. 1.00 crore - Held that: the receipts which are forming part of the corpus of the trust are not to be included for the purpose of Section 11 of the Act and it is not mentioned in Section 12 of the Act that such receipts will also be excluded for the purpose of Section 10(23C)(iiiae) of the Act - It is also a well established law that entries in the books are not conclusive and one has to be see the transactions as per provisions of the Act - Held that: if the assessee is not entitled to exemption u/s 10(23C)(iiiae) then it will not be a bar in not claiming benefit u/s 11 to 13 of I.T. Act - Decided in favor of the assessee Regarding depreciation - assessee has not got the approval for the medical college - Held that: it cannot be said that medical college building can be considered for the passive use for the hospital because there was no approval in respect of the institution of running medical college.
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