Only Real Income Taxable; ITAT Mumbai Deletes Addition, Section 11 Denial Academic

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 violat

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