Exemption u/s. 11 not deniable as no violation of proviso to provision of section 2(15)

Madras Motor Sports Club (AOP) Vs CIT (ITAT Chennai) ITAT Chennai held that revision order u/s. 263 unjustified and liable to be quashed as no findings which proves that there is a violation of the proviso to provision of section 2(15) of the Income Tax Act, 1961. Accordingly, exemption u/s. 11 rightly claimed. Facts- The assessee, a Society registered under the Tamil Nadu Society Act, was established in the year 1953. The assessee, M/s. MADRAS MOTOR SPORTS CLUB, is a registered Public Charitable Trust, u/s. 12AA of the Act. The primary object of the assessee is to promote the sports of Motor ...