https://www.taxtmi.com/caselaws?id=427023 The Tribunal quashed the reassessment proceedings initiated by the Assessing Officer, citing lack of fresh tangible information to justify reopening the assessment under section 147. It allowed expenditure claims against various receipts in line with previous ITAT decisions, permitting deductions for interest income and certain percentages of expenditure against venue charges, dinner receipts, and cricket ground bookings. The Tribunal upheld the non-taxability of entrance fees from non-members and corporate members as capital receipts, dismissing the Revenue's appeal. The assessee's appeals were allowed, and the Revenue's cross-appeals were dismissed. en-us Wed, 20 Apr 2022 00:00:00 +0530 Wed, 31 Aug 2022 06:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427023 The Tribunal quashed the reassessment proceedings initiated by the Assessing Officer, citing lack of fresh tangible information to justify reopening the assessment under section 147. It allowed expenditure claims against various receipts in line with previous ITAT decisions, permitting deductions for interest income and certain percentages of expenditure against venue charges, dinner receipts, and cricket ground bookings. The Tribunal upheld the non-taxability of entrance fees from non-members and corporate members as capital receipts, dismissing the Revenue's appeal. The assessee's appeals were allowed, and the Revenue's cross-appeals were dismissed. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427023