https://www.taxtmi.com/caselaws?id=374357 The Tribunal ruled in favor of the cricket associations, holding that the proviso to Section 2(15) was inapplicable. The associations were deemed entitled to exemption under Section 11. Income from the Board of Cricket Control of India was treated as corpus donations, and infrastructure subsidies were considered capital receipts. Depreciation on assets was allowed, and set-off of losses and unabsorbed depreciation was directed. The deduction of 15% of income under Section 11(1)(b) was permitted. The issue of mutuality income from club activities was referred back to the CIT(A) for further review. en-us Thu, 24 Jan 2019 00:00:00 +0530 Thu, 31 Jan 2019 08:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374357 The Tribunal ruled in favor of the cricket associations, holding that the proviso to Section 2(15) was inapplicable. The associations were deemed entitled to exemption under Section 11. Income from the Board of Cricket Control of India was treated as corpus donations, and infrastructure subsidies were considered capital receipts. Depreciation on assets was allowed, and set-off of losses and unabsorbed depreciation was directed. The deduction of 15% of income under Section 11(1)(b) was permitted. The issue of mutuality income from club activities was referred back to the CIT(A) for further review. Case-Laws Income Tax Thu, 24 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374357