TaxTMI 
TaxTMI 
2024 (8) TMI 632
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....is to the finding of the Income Tax Appellate Tribunal, Cochin Bench, on the issue as to whether the income received by the Kerala Cricket Association during the assessment years 2010-11, 2012-13, and 2013- 14 would partake of the nature of exempted income going by the provisions of Section 2 (15) of the Income Tax Act (for short 'the IT Act). It would appear that in the assessment for the assessment year 2010- 11, the assessing authority found that the income earned by the assessee Cricket Association would be hit by the proviso to Section 2 (15), and therefore, the assessee Cricket Association would not be entitled to the benefit of the exemption. In the appeals preferred by the assessee Cricket Association before the First Appellate ....
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....ITR 1], wherein, with specific reference to incomes earned by State Cricket Associations, the Supreme Court observes as follows at paragraph 237 and 238: "237. Recent trends have shown that media rights, especially broadcasting and digital media rights have yielded colossal revenues to the BCCI. The model adopted in the last 10 years or so has been to auction media rights in respect of events over a 3 or 5-year period. As discussed previously, these media rights are events over a 3 or 5-year period. As discussed previously, these media rights are not per se owned by BCCI, which is but an association of persons or agglomerate of all the State Cricket Association. The stadia which form the venue for these cricket matches (in relation to whi....
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....er documents, resolutions or individual agreements with state associations) have to be examined. It goes without saying that there need not be an exact correlation or a proportionate division between the receipt and the actual expenditure. This is in line with the principle that what is an adequate consideration for something which is agreed upon by parties is a matter best left to them. These observations are not however, to be treated as final; the parties' contentions in this regard are to be considered on their merit." 5. In the light of the aforesaid observations of the Supreme Court, we are of the view that the present appeals need to be remanded to the Appellate Tribunal for a fresh adjudication on the facts, especially with re....