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Only Real Income Taxable; ITAT Mumbai Deletes Addition, Section 11 Denial Academic
Case Law Details
- Case Name
- Mysore Association Bombay Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Mysore Association Bombay Vs ITO (ITAT Mumbai)
Only Real Income Can Be Taxed: ITAT Mumbai Deletes Entire Addition Where Trust Incurred Loss; Section 11 Denial Becomes Academic
Mumbai ITAT granted substantial relief to Assessee-trust registered u/s 12A by deleting the entire addition made by AO.
AO had denied exemption u/s 11 by treating rental income from auditorium & conference hall, interest income, life membership fees, admission fees, miscellaneous receipts & excess provision written back as commercial income, alleging violation of proviso to section 2(15). A...
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