2016 (2) TMI 886

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....king the provisions of Section 2(15) of the Income Tax Act, 1961. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 2,21,555/- on account of disallowance of depreciation. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has failed to appreciate the fact that the A.O denied the claim of exemption to the assessee u/s 11 & 12 of the Act." The grounds of appeal for A.Y. 2010-11 are as follows:- "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 67,36,020/- (97,57,240 - 30,21,220 already shown in the income) made by the A.O by invoking the provisions of Section 2(15....

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....held that the prime objective of the federation was to promote athletics and sports in India and for this the assessee charges some amount for recognizing the sports events and as such profit making is not the prime object of the assessee. The CIT(A) also taken into consideration the case laws submitted by the assessee and held that the case laws support the case of the assessee to the extent that merely because the assessee receives some recognition fees will not deviate from the fact that the main object of the assessee is the promotion of sports which is apparently for the advancement of general public utility as provided in the sixth limb of Section 2(15) of the Act which defines charitable purposes. Thus the CIT(A) held that the assess....