Exemption U/s. 10(23C)(iv) not available if assessee has not maintained separate books of account for the activities which are in the nature of business

ACIT (E) Vs. India ITME Society (ITAT Mumbai) – The assessee has not disputed this fact that the assessee has charged more than 50% margin in providing the facilities to the participants of the exhibition. Thus, it is clear that the assessee is charging a different rate of tariff from the participants in respect of power, telephone, compressor hire charges. The nature of these facilities itself shows that the assessee is charging separately for each and every facilities made available to the participants

Please become a Premium member. If you are already a Premium member, login here to access the full content.