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2020 (3) TMI 348 - HC - Income TaxExemption u/s 11 - application of income for any purpose other than the object of the Trust - HELD THAT:- As decided in CIT Vs. Matunga Gymkhana [2020 (1) TMI 1149 - BOMBAY HIGH COURT] object of the assessee is undoubtedly promotion of sports, games and providing recreation facilities to the public at large and to the members in particular and therefore receipts on account of compensation from decorator against gymkhana function, miscellaneous income and compensation from caterer (restaurant) cannot be construed as activities in the nature of trade, commerce or business for the purpose of the proviso to Section 2(15) - Also Depreciation to assessee trust did ot lead to double deduction - Decided in favour of assessee
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