Only Real Income Taxable; ITAT Mumbai Deletes Addition, Section 11 Denial Academic

Mysore Association Bombay Vs ITO (ITAT Mumbai) Only Real Income Can Be Taxed: ITAT Mumbai Deletes Entire Addition Where Trust Incurred Loss; Section 11 Denial Becomes Academic Mumbai  ITAT granted substantial relief to  Assessee-trust registered u/s 12A by deleting the entire addition made by AO. AO had denied exemption u/s 11 by treating rental income from auditorium & conference hall, interest income, life membership fees, admission fees, miscellaneous receipts &  excess provision written back as commercial income, alleging violation of proviso to section 2(15). AO taxed entire gr...