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Commissioner Of Income-Tax, Bier vs M/S. Bankipur Club Ltd on 8 May, 1997

(iv) The first assessment for the assessment year 2004-05, for which returns filed under section 139(4A) claiming exemption under section 11, was made subject matter 7 I.T.A No. 1105/Kol/2017 M/s. Calcutta Cricket & Football Club of proceedings under section 147 for the purpose of bringing to tax, the surplus of Rs.6,67,907/- (before deduction of expenses/overheads debited to the Income and Expenditure account) in respect of provision of food and drinks to the members. By an order dated December 3, 2007 passed under section 147, the Assessing Officer accepted the returned income and did not make any addition in view of the judgment of the Hon'ble Supreme Court in CIT v. Bankipur Club Ltd.. (1997) 226 ITR 97 (SC).
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