2015 (10) TMI 2474

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....Shri K.Goptal   O R D E R Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 23/07/2010 of the ld. First Appellate Authority, Mumbai. The only ground raised in this appeal pertains to granting exemption u/s 11 of the Income Tax Act, 1961 (hereinafter the Act) without appreciating the fact that the assessee is not maintaining separate books of ac....

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....th the Charity Commissioner and also with the department u/s 12A of the Income Tax Act. It is noted that right from the date of inception itself, the assessee trust had been assessed accordingly up to A.Y. 2006-07. The main activity of the assessee trust are for the development of Arts & Sports and is still continuing. The assessee constructed a club on the land provided by BMC in terms of the agr....

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....le deciding the issue, the ld. Assessing Officer completely ignored the decision from Hon'ble Apex Court in Thanthi Trust 247 ITR 785. 2.3. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, there ....

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....emption to the assessee. So far as, non-maintenance of separate books of accounts for different sports is concerned, we are in agreement with the finding of the ld. Commissioner of Income Tax (Appeals) that different sports are single activity of sports, therefore, cannot be treated as different activities of the trust. This view find support from the ratio laid down from Hon'ble Apex Court in Tha....