Income Tax Exemption can’t be denied to BCCI merely because IPL is structured in more Profitable Manner

Board of Control for Cricket in India Vs PCIT  (ITAT Mumbai) Facts- The appellant (BCCI) has preferred an appeal against three show-cause notices issued by the department alleging that the tax exemption that the appellant is enjoying under Section 12A of the Income Tax Act should not be revoked for generating income through the IPL. The appellant submitted that the income tax department “erred” in emphasizing the surplus generated from activities pertaining to IPL, without considering the overall activities of the appellant in a holistic manner and concluding that these don’t qualify as...