Sports Club Scores Again- Receipts Within 20% Safe Harbour- CIT(E) Can’t Rewrite AO’s View Gymkhana’s 263 Revision Set Aside- Tribunal Rebukes CIT(E)’s Overreach

PYC Hindu Gymkhana Vs CIT (Exemption) (ITAT Pune) Sports Club Scores Again- Receipts Within 20% Safe Harbour- CIT(E) Can’t Rewrite AO’s View Gymkhana’s 263 Revision Set Aside- Tribunal Rebukes CIT(E)’s Overreach Assessee, a long-established public charitable trust running a sports & cultural club at Pune, filed its return declaring Nil income for AY 2021-22. AO accepted the returned income after detailed scrutiny. Subsequently, CIT(E) issued notice u/s 263 alleging that: Income of ₹ 81.34 lakh from rent, hall hire, cafeteria & event receipts constituted business income, not ...