https://www.taxtmi.com/caselaws?id=263343 The Tribunal denied the exemption under Section 11 of the Income Tax Act to a Trade Association engaged in business-oriented activities, ruling that the organization did not qualify as charitable post-amendment to Section 2(15). Additionally, the Tribunal rejected the application of the principle of mutuality due to pooled contributions from members and non-members and highlighted violations of the Act. The Tribunal also disallowed the depreciation claim on assets already treated as capital expenditure, affirming the decisions of the CIT(A) and AO. Ultimately, the Tribunal ruled in favor of the Revenue, dismissing the appeal filed by the assessee. en-us Wed, 22 Jul 2015 00:00:00 +0530 Mon, 09 Nov 2015 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263343 The Tribunal denied the exemption under Section 11 of the Income Tax Act to a Trade Association engaged in business-oriented activities, ruling that the organization did not qualify as charitable post-amendment to Section 2(15). Additionally, the Tribunal rejected the application of the principle of mutuality due to pooled contributions from members and non-members and highlighted violations of the Act. The Tribunal also disallowed the depreciation claim on assets already treated as capital expenditure, affirming the decisions of the CIT(A) and AO. Ultimately, the Tribunal ruled in favor of the Revenue, dismissing the appeal filed by the assessee. Case-Laws Income Tax Wed, 22 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263343