Court held that the main object of assessee-golf club was to provide golf facilities to its members for promotion of sport and there was no element of assessee club being in nature of trade, commerce or business, interest earned from banks or financial institutions on investment of surplus funds was exempted from tax. CIT v. Common Effluent Treatment Plant (Thane Belapur) Association (2010) 328 ITR 362 (Bom.)(HC) is distinguished. (AY. 2009 -10)
CIT v. Bombay Presidency Gold Club Ltd. (2019) 264 Taxman 55/ 182 DTR 454/ 311 CTR 578 (Bom.)(HC)
S. 11 : Property held for charitable purposes-Golf facilities to its members for promotion of sport-No element of activity of being in nature of trade, commerce or business-Interest earned from banks or financial institutions on investment of surplus funds arising from charitable activities was exempted from tax. [S. 2(15)]