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
Last updated: 10 January 2014
Follow on
Google News
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.
Comments
Recent News :
- CBDT Condones Delay in Filing Form 10AB for 80G Approval Applications Till 31st March 2026
- CBDT Notifies TDS Exemption on Aircraft Lease Rentals Paid to IFSC Units Under Income Tax Act, 2025
- CBDT Notifies TDS Exemption on Ship Lease Rentals Paid to IFSC Units Under Income Tax Act, 2025
- GSTN Releases FAQs on Mandatory Ship-to Field and Voluntary E-Way Bill Closure 2026
- ICAI Warns CAs Against Extremely Low Tender Fees, Disciplinary Action May Follow
- GSTN Revises Amendment of Aggregate Annual Turnover (AATO) Amendment Timeline for FY 2025-26
- ICAI Celebrates 78th CA Day 2026, Highlights AI, Ethics, Global Growth and Viksit Bharat Vision
- ICAI Makes Peer Review Process Digital, Introduces New PRB Web Portal
- Govt Extends Customs Duty Exemption on Critical Petrochemical Imports Till July 15, 2026
- Centre Notifies New Excise Duty Rates on Petroleum Products Effective 1st July 2026
Popular News
- MCA Releases Corporate Mitra Scheme Guidelines 2026
- GSTN Revises Amendment of Aggregate Annual Turnover (AATO) Amendment Timeline for FY 2025-26
- MCA Extends DPT-3 Filing Due Date: No Additional Fees Till 31st July 2026
- ICAI Strengthens AI Push with Sarvam AI Partnership and New AI Certification Course
- Income Tax Department Enables Online Challan Correction Facility
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
