https://www.taxtmi.com/caselaws?id=345423 The Tribunal ruled in favor of the assessee, granting exemption under Section 11 of the Income-tax Act for the assessment years in question. The Tribunal found that the activities of the assessee-society, aimed at promoting cricket, were charitable in nature and not commercial. Therefore, the assessee was entitled to the exemption despite the Revenue's arguments. However, the Tribunal dismissed the assessee's cross-objections regarding depreciation on assets, stating that as a charitable organization, the assessee was not eligible for depreciation under Section 32 since the assets were already accounted for as application of income under Section 11. en-us Wed, 31 May 2017 00:00:00 +0530 Tue, 26 Sep 2017 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345423 The Tribunal ruled in favor of the assessee, granting exemption under Section 11 of the Income-tax Act for the assessment years in question. The Tribunal found that the activities of the assessee-society, aimed at promoting cricket, were charitable in nature and not commercial. Therefore, the assessee was entitled to the exemption despite the Revenue's arguments. However, the Tribunal dismissed the assessee's cross-objections regarding depreciation on assets, stating that as a charitable organization, the assessee was not eligible for depreciation under Section 32 since the assets were already accounted for as application of income under Section 11. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345423