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2015 (10) TMI 2474

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..... gle activity of sports, therefore, cannot be treated as different activities of the trust. This view find support from the ratio laid down from Hon’ble Apex Court in Thanthi Trust (2001 (1) TMI 80 - SUPREME Court). There is further uncontroverted finding in the impugned order that the assessee trust is not running restaurant, bar, etc, thus, there is no question of maintaining separate registers. The activities of the assessee trust are for the attainment of objects of the trust enshrined in the trust deed. Thus, the assessee is having a valid registration u/s 12A of the Act, granted by the Director of Income Tax (Exemption) and the Assessing Officer has not specifically pointed out any violation of the trust deed as well as the provision o .....

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..... at the assessee is a charitable trust, registered with the Charity Commissioner and also with the department u/s 12A of the Income Tax Act. It is noted that right from the date of inception itself, the assessee trust had been assessed accordingly up to A.Y. 2006-07. The main activity of the assessee trust are for the development of Arts Sports and is still continuing. The assessee constructed a club on the land provided by BMC in terms of the agreement. The ownership of the land was with the BMC and the structure constructed thereupon was to be handed over to the BMC as per terms of the agreement but the assessee was to carry on and continue the supports activities on the land/property as per the trust deed. At the relevant time, the asse .....

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..... right from inception, the assessee trust was granted exemption u/s 11 of the Act by the tax authorities. Even, if, the property is under dispute with the BMC authorities, cannot be the sole bases for denying exemption to the assessee. So far as, non-maintenance of separate books of accounts for different sports is concerned, we are in agreement with the finding of the ld. Commissioner of Income Tax (Appeals) that different sports are single activity of sports, therefore, cannot be treated as different activities of the trust. This view find support from the ratio laid down from Hon ble Apex Court in Thanthi Trust 247 ITR 785 (SC). There is further uncontroverted finding in the impugned order that the assessee trust is not running restaurant .....

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