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 regi

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