The assessee had let out its cultural hall and buildings for earning revenue and the income was utilised for objects of the Trust. Denial of exemption was not valid. (AY.2010-11)
Oswal Bandhu Samaj v. ITO(E) (2022) 195 ITD 200 / 94 ITR 78 (SN) / 219 TTJ 103 (Pune)(Trib.)
S. 11 : Property held for charitable purposes-Letting halls and buildings-Denial of exemption is not justified. [S. 2(15), 12AA]