https://www.taxtmi.com/caselaws?id=759637 ITAT Mumbai dismissed the assessee's appeal challenging CIT's revision u/s 263. The assessee conducted an annual Goa Fest inviting advertising industry leaders for presentations, claiming exemption u/s 11 as charitable activity. CIT treated this as business activity rather than charitable purpose. ITAT held that CIT appropriately invoked Section 263, finding the original assessment order erroneous and prejudicial to revenue interests regarding Goa Fest expenses not qualifying for charitable exemption. en-us Mon, 22 Jul 2024 00:00:00 +0530 Wed, 09 Apr 2025 14:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759637 ITAT Mumbai dismissed the assessee's appeal challenging CIT's revision u/s 263. The assessee conducted an annual Goa Fest inviting advertising industry leaders for presentations, claiming exemption u/s 11 as charitable activity. CIT treated this as business activity rather than charitable purpose. ITAT held that CIT appropriately invoked Section 263, finding the original assessment order erroneous and prejudicial to revenue interests regarding Goa Fest expenses not qualifying for charitable exemption. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759637