9911796707
TMI Blog2011 (9) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... MAUNA M BHATT FOR THE APPELLANT MR KR DIXIT FOR THE RESPONDENT COMMON ORAL ORDER (Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Revenue is in appeal against the common judgement of the Tribunal dated 24th July 2009. Since facts are similar in all the appeals, they may be noticed as indicated in Tax Appeal No. 933 of 2010. 2. The said appeal has been filed by the Revenue challenging the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns did not carry any specific direction to be formed part of the corpus of the Trust, they would not be tax exempt. The C.I.T. (Appeals) as well as the Tribunal were in total agreement with the Assessing Officer. It is in this background that the Revenue has filed the appeal raising Question (A) noted above. 4. By a separate order passed today, we have rejected the Revenue's appeal raising si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of Sheth Manilal Ranchhoddas Vishram Bhavan Trust (supra) in which the Court had followed earlier decision rendered by the Karnataka and Madhya Pradesh High Courts making the following observations: "Whether depreciation has to be allowed as a necessary deduction for computing the income of a charitable institution was the question which came up before the Karnataka High Court in CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come" has to be computed under the various heads enumerated in the Income-tax Act. It held that the income from the properties held under trust would have to be arrived at in the normal commercial manner without classification under the various heads set out in section 14. It held that the expression "income" has to be understood in the popular or general sense and not in the sense in which the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
