https://www.taxtmi.com/caselaws?id=757968 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision that the assessee's activities, related to sports and supported by sponsorship agreements, were non-profit in nature and distinct from other organizations. The Tribunal concluded that the proviso to Sec.2(15) of the Income Tax Act did not apply, allowing the assessee to claim exemption under Sec. 11/12. The Tribunal also determined that the Supreme Court judgment in ACIT vs. Ahmedabad Urban Development Authority was inapplicable, as the assessee's activities and motives differed significantly. Thus, the assessee retained its tax-exempt status. en-us Fri, 30 Aug 2024 00:00:00 +0530 Wed, 04 Sep 2024 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757968 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision that the assessee's activities, related to sports and supported by sponsorship agreements, were non-profit in nature and distinct from other organizations. The Tribunal concluded that the proviso to Sec.2(15) of the Income Tax Act did not apply, allowing the assessee to claim exemption under Sec. 11/12. The Tribunal also determined that the Supreme Court judgment in ACIT vs. Ahmedabad Urban Development Authority was inapplicable, as the assessee's activities and motives differed significantly. Thus, the assessee retained its tax-exempt status. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757968