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Income Tax - Highlights / Catch Notes

Home Highlights August 2022 Year 2022 This

Revision u/s 263 - deduction /exemption u/s 10(24) - Assessee is ...

Income Tax

August 5, 2022

Revision u/s 263 - deduction /exemption u/s 10(24) - Assessee is not a business entity and does not work for profit. It is an association for the welfare of certain category of persons who writes in the film industry and other audio visual media and its objective is to protect the interest of its members though there is income generated not for profit but for the purpose of the welfare of the association and its members. PCIT has failed to establish that it is a business entity - Revision order quashed - AT

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