https://www.taxtmi.com/caselaws?id=331082 The Tribunal held that the Assessing Officer's order was not erroneous or prejudicial to the revenue's interest. The assessee's income from mutual activities was exempt under the principle of mutuality, and income from investments and sports events was exempt under section 11. The Tribunal quashed the Commissioner of Income Tax's order under section 263, allowing the assessee's appeal. It was emphasized that mutuality and exemption under section 11 can coexist, and the assessee's activities were predominantly charitable, not commercial. en-us Fri, 05 Aug 2016 00:00:00 +0530 Fri, 12 Aug 2016 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331082 The Tribunal held that the Assessing Officer's order was not erroneous or prejudicial to the revenue's interest. The assessee's income from mutual activities was exempt under the principle of mutuality, and income from investments and sports events was exempt under section 11. The Tribunal quashed the Commissioner of Income Tax's order under section 263, allowing the assessee's appeal. It was emphasized that mutuality and exemption under section 11 can coexist, and the assessee's activities were predominantly charitable, not commercial. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331082