[aaykarbhavan] Contribution made to mutual concerns by non-members for commercial reasons, can’t be taxed

 

Contribution made to mutual concerns by non-members for commercial reasons, can't be taxed

May 12, 2015[2015] 56 taxmann.com 466 (Mumbai - Trib.)

IT: Where contributions were made by non-member companies in assessee-mutual concern for their sales promotion while objective of assessee in receiving contributions was to meet part of expenditure incurred in organizing events, said contribution could not be assessed as assessee's income

IT: Where complimentary liquor had been sold by assessee to members as well as non-members, intention of assessee was to make profit out of sale of complimentary liquor and, thus, action of assessee being commercial in nature, excess value of liquor sold was assessable as income of assessee

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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