The Tribunal that since its inception assessee has been indulging only in construction activity. As per the agreement, the land and building constructed by the assessee for the purpose of running hospital has been leased out to a private party, for an upfront consideration and an annual concession fee stipulated therein. Leasing out of medical structure for 99 years tantamount virtually to selling the property to the private party. Hence, assessee cannot be said to be carrying out its stated charitable activity of running the medical college and hospital. There is nothing in the concessionaire agreement demonstrating that assessee exercised right over the leased medical infrastructure. There is no merit in the claim of the assessee that it was indulging in charitable activities by way of funding medical projects in Government hospitals as it was nothing but a commercial transaction by the assessee-society. Assessee was only earning income by non-charitable activities, i.e., investments made by it in FDRs or other medical institutions. Therefore, it is not entitled to exemption under S. 11. (AY. 2015-16)