{"id":29563,"date":"2022-09-09T13:11:07","date_gmt":"2022-09-09T07:41:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/sports-authority-of-gujarat-v-dy-cite-2022-94-itr-61-sn-ahd-trib\/"},"modified":"2022-09-09T13:11:07","modified_gmt":"2022-09-09T07:41:07","slug":"sports-authority-of-gujarat-v-dy-cite-2022-94-itr-61-sn-ahd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/sports-authority-of-gujarat-v-dy-cite-2022-94-itr-61-sn-ahd-trib\/","title":{"rendered":"Sports Authority of Gujarat v. Dy.CIT(E) (2022) 94 ITR 61 (SN) (Ahd.)(Trib.)"},"content":{"rendered":"<p>Held that the interest income earned on deposit of surplus funds kept with GSFC would not qualify as income from business or profession. The assessee was\u00a0 not engaged in any business activity. The sole object of the assessee was promotion of sports in the State of Gujarat. The earning of interest on surplus funds kept with GSFC was incidental to its dominant objective to encourage sports in the State of Gujarat, itself could not qualify as a business activity.\u00a0 The interest income earned from surplus fund did not qualify as income from business or profession. Depreciation is not allowable. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 12AA : Procedure for registration-Trust or institution-Interest income earned on investment of  surplus funds-Assessable as income from other sources and not as business income-Depreciation   not allowable. [S. 32, 56]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29563","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7GP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29563"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29563\/revisions"}],"predecessor-version":[{"id":29564,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29563\/revisions\/29564"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}