2015 (4) TMI 472

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.... For the Respondent : Shri Farrokh Irani ORDER Per: B R Baskaran: These cross appeals are directed against the order dated 30-08- 2010 passed by ld CIT(A)-I, Mumbai and they relate to the assessment year 2007-08. 2. The assessee is aggrieved by the decision of Ld CIT(A) on the following issues:- (a) Addition of Rs. 1,25,000/- relating to Sponsorship contributions (b) Addition of....

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....P Ltd (Barnite event) Rs.35,000/- McDowell Ltd (Jazznite event) Rs.40,000/- Centurion Bank Ltd (Holi event) Rs.50,000/-. Since the contributors were non-members, the AO took the view that the above said contributions are assessable as the income of the assessee. Accordingly he assessed the above said receipts as income of the assessee and the Ld CIT(A) also confirmed the same. ....

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....of these contributions from the above said companies. There is no dispute that the assessee has been organizing various events for the mutual benefit of its members. The contributions, if any, received from the members were utilized for conducting the events and the surplus, if any, is accepted as exempt under the principles of mutuality. The above said companies have partly sponsored the events, ....

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....quors is to be assessed as income of the assessee, since the assessee has failed to furnish the details of persons who consumed the complimentary liquor. He also took the view that the complimentary liquor could have been used by non-members also and accordingly assessed the sale value of complimentary liquor as income of the assessee. The Ld CIT(A) also confirmed the same. 8. The Ld A.R submit....