https://www.taxtmi.com/caselaws?id=28386 The High Court held that the Bangalore Turf Club Benevolent Fund is an assessable entity under the Income-tax Act, 1961. The Court determined that the Fund should be assessed as a Body of Individuals (BOI) due to the common purpose among its members to produce income. The Court found that the stewards of the Bangalore Turf Club, who administered the Fund independently, were subject to taxation as a BOI. The Court directed the Tribunal to reassess the tax liability of the Fund's income in compliance with the law, ruling against the assessee. en-us Wed, 05 Oct 1983 00:00:00 +0530 Mon, 22 Feb 2010 11:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28386 The High Court held that the Bangalore Turf Club Benevolent Fund is an assessable entity under the Income-tax Act, 1961. The Court determined that the Fund should be assessed as a Body of Individuals (BOI) due to the common purpose among its members to produce income. The Court found that the stewards of the Bangalore Turf Club, who administered the Fund independently, were subject to taxation as a BOI. The Court directed the Tribunal to reassess the tax liability of the Fund's income in compliance with the law, ruling against the assessee. Case-Laws Income Tax Wed, 05 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28386