Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
ITAT allowed the appeal of the assessee-society and restored exemption under s.11. It held that the society is engaged in advancement of general public utility and its event-based receipts, being less than 20% of its gross receipts, fall within the tolerance limit under the proviso to s.2(15). Membership fees from associated, student and charter members were held not to be consideration for trade, commerce or business. The AO's conclusion that 48% of income was commercial and that a 22% surplus negated charitable character was rejected, relying on SC precedent. ITAT further found Form 10 had been duly filed, invalidating CIT(A)'s contrary ground.
ITAT allowed the appeal of the assessee-society and restored exemption under s.11. It held that the society is engaged in advancement of general public utility and its event-based receipts, being less than 20% of its gross receipts, fall within the tolerance limit under the proviso to s.2(15). Membership fees from associated, student and charter members were held not to be consideration for trade, commerce or business. The AO's conclusion that 48% of income was commercial and that a 22% surplus negated charitable character was rejected, relying on SC precedent. ITAT further found Form 10 had been duly filed, invalidating CIT(A)'s contrary ground.
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