Search assessment and multiplex lease receipts: incriminating material limits additions, but commercial exploitation supported business income treatme...
Exemption u/s 11 - AO by invoking proviso to Section 2(15) and denying the exemption - Receipts from business activities exceeded the threshold of Rs. 10 lakhs and Rs. 20 lakhs - The ITAT directed the AO to assess whether the assessee's main activity, for which it was granted Section 12A registration, itself constituted trade, commerce, or business, or if the activities were intrinsically linked to the advancement of its charitable object.
Exemption u/s 11 - AO by invoking proviso to Section 2(15) and denying the exemption - Receipts from business activities exceeded the threshold of Rs. 10 lakhs and Rs. 20 lakhs - The ITAT directed the AO to assess whether the assessee's main activity, for which it was granted Section 12A registration, itself constituted trade, commerce, or business, or if the activities were intrinsically linked to the advancement of its charitable object.
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