Event Income Within 20% Limit, Section 11 Exemption Allowed by ITAT

Indus Entrepreneurs Vs DCIT (ITAT Hyderabad) AO Misread 2(15): GPU Activities Permissible If Event Income ≤ 20% & Membership Fees ≠ Business: Tribunal Reverses AO & CIT(A), Grants Full Sec.11 Relief Assessee, a 12A-registered society promoting entrepreneurship through mentoring, networking & educational events, filed NIL income claiming exemption u/s 11. AO held that Assessee was a commercial body engaged in trade, commerce & business; 48% of receipts were allegedly commercial & profit ratio was 22%. Exemption u/s 11 was denied & ₹33,80,537 assessed as business in...