https://www.taxtmi.com/caselaws?id=305036 The proviso to section 2(15) was examined against the association's dominant objects and activities, with emphasis on whether they amounted to trade, commerce or business. As the primary function remained promotion of sports and representation in international forums, receipts from grants and sponsorships did not convert the activity into a commercial venture, so exemption under sections 11 and 12 was available. Depreciation was also treated as allowable on charitable assets even where the acquisition cost had earlier been regarded as application of income, following settled precedent against a double-deduction objection. en-us Tue, 28 Aug 2018 00:00:00 +0530 Sat, 12 Nov 2022 09:13:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305036 The proviso to section 2(15) was examined against the association's dominant objects and activities, with emphasis on whether they amounted to trade, commerce or business. As the primary function remained promotion of sports and representation in international forums, receipts from grants and sponsorships did not convert the activity into a commercial venture, so exemption under sections 11 and 12 was available. Depreciation was also treated as allowable on charitable assets even where the acquisition cost had earlier been regarded as application of income, following settled precedent against a double-deduction objection. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305036