Cricket activity by club is not a trade or business

Cricket Club of India Pvt. Ltd. Vs CIT (ITAT Mumbai) Held that activity of cricket by the club cannot be said to be in the nature of trade or business. Facts- The assessee club is incorporated under the Companies Act of 1913 and came into existence on 9.11.1933 as a company limited by guarantee, each member guaranteeing contribution of Re. 1 each towards debts and liabilities including expenses costs and charges in the event of the company being wound up. The assessee is claimed to be a ‘mutual concern’ income of which is not chargeable to tax on principles of mutuality. This claim has bee...