The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act, 1961. Consequently, the scrutiny of assessments in these cases has resulted into the withdrawal of tax-exemption. Past assessments in these cases have also been reopened by the Department to examine the correctness of their claim for income tax exemption during the periods concerned.
Withdrawal of Tax-Exemption in Case of Four Cricket Associations
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- UPI 0.4% MDR Above Rs 2000: Grocery Shop Sign Sparks Fresh Debate
- India's STT Collections Rise 52.9% to Rs 40,214 Crore by 17th Sept 2026
- India to Monitor UPI MDR Charges to Protect Consumers from Extra Costs
- Central GST Superintendent Arrested in Bengaluru Over Alleged Rs 8 Lakh Bribe
- CBDT Revises Form 169 and Form 171 Under Income Tax Rules 2026
- Supreme Court PIL Challenges New UPI Merchant Charges Above Rs 2000
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- Zerodha CEO Nithin Kamath Raises Concern Over UPI Charges for Brokers
- UPI Remains Free for P2P Transactions, 96% of Merchant Payments Unaffected
Popular News
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- Income from Other Sources Under Income Tax Act 2025: Key Rules, Taxable Incomes and Deductions
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
