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)]

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)