Assessee, an apex sports body in India representing country, claimed exemption under sections 11 and 12.\u00a0 During year, assessee entered into sponsorship agreements with few Indian business groups and received certain amount as sponsorships. Assessing Officer held that the\u00a0 nature of activities in respect of sponsorship agreements with various sponsors is in nature of business and\u00a0\u00a0 held that assessee was hit by second proviso to section 2(15) and, hence, not eligible for benefit of exemption under sections 11 and 12. CIT(A) allowed the exemption.\u00a0 On appeal the Tribunal held that the\u00a0 assessee is\u00a0 representing country under aegis of Government in amateur international sports events and arranging these sponsorship contracts is in itself a great task for assessee as sponsors were paying out of their profits for motivating assessee and sportspersons of country in participating in international events. Therefore\u00a0 neither sponsor nor assessee could be attributed any profit motive from outcome of these sponsorship agreements. Order of CIT(A) is affirmed. \u00a0(AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Advancement of general public utility–Sponsorship agreements with few Indian business groups-Neither sponsor nor assessee could be attributed any profit motive from outcome of these sponsorship agreements-Eligible for exemption.[S. 2(15) 12] <\/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-51102","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-die","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51102","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=51102"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51102\/revisions"}],"predecessor-version":[{"id":51103,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51102\/revisions\/51103"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}