Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
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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