Dismissing the appeal of the revenue the Court held that statutory corporation constituted by State Government with charitable objects is entitled to exemption. Fees collected for objects is held to be not taxable. Applying the commercial principle the assessee is entitled to depreciation and also contribution to pension fund is held to be deductible. (AY. 2009-10 to 2014-15)
CIT(E) v. Gujarat Maritime Board (No.3) (2020) 428 ITR 177 (Guj.)(HC)
S. 11 : Property held for charitable purposes-Charitable purpose- Statutory corporation constituted by State Government with charitable objects-Entitled to exemption- Fees collected for objects is held to be not taxable -Entitled to depreciation-Contribution to pension fund is held to be deductible. [S. 2(15), 32, 36(1)(vi)]