The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act, 1961. Consequently, the scrutiny of assessments in these cases has resulted into the withdrawal of tax-exemption. Past assessments in these cases have also been reopened by the Department to examine the correctness of their claim for income tax exemption during the periods concerned.
Withdrawal of Tax-Exemption in Case of Four Cricket Associations
Last updated: 10 January 2014
Follow on
Google News
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- CBDT Grants Section 10(46) Exemption to District Legal Services Authority, Jind
- CBDT Revises 'Specified Fund' Definition Under Income Tax Act, 2025
- No Proposal to Scrap LTCG Tax for Retail Investors, Govt Clarifies in Lok Sabha
- RBI Releases Draft Foreign Investment Rules 2026, Invites Public Comments Till 31st August
- CBDT Enables Foreign Assets Reporting in AIS: Taxpayers Can Now View CRS/FATCA Data Online
- RBI Enhances Fintech Oversight with SRO Framework, AI-Based Fraud Detection and Cyber Safety Measures
- UPI Crosses 55.49 Crore Users in June 2026; FY26 Transactions Hit Rs 314 Lakh Crore
- CBDT Notifies NaBFID 10-Year Zero Coupon Bond Under Income Tax Act, 2025
- ICAI Issues Public Warning After Repeated Attempts to Gain Unauthorized Access to Its Digital Systems
- Core Industries Index Overhauled with 2022-23 Base Year and Expanded Industry Coverage
Popular News
- CBDT Notifies NaBFID 10-Year Zero Coupon Bond Under Income Tax Act, 2025
- CBDT Notifies TDS Exemption for Specified Payments to IFSC Units Under Income Tax Act 2025
- CBDT Notifies Cost Inflation Index (CII) for FY 2026-27 Under Income Tax Act, 2025
- MCA Extends CCFS-2026 Deadline to 31st August 2026 Amid Data Centre Restoration
- Social Protection Fund Notified as Specified Person Under IT Act 2025 for Tax-Exempt Investments in India
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
