CIT v. Calcutta Stock Exchange Association Ltd.

36 ITR 222Supreme Court of India1959#3233 most cited

What is CIT v. Calcutta Stock Exchange Association Ltd. authority for?

Receipts derived from services rendered by an association to its members, which fall outside the scope of its primary mutual purpose, can be charged to income tax. Such services might otherwise be considered business income, but taxability depends on whether the assessee is brought within the specific terms of the relevant tax provision.

37

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2025.

Also referred to as

CIT v. Calcutta Stock Exchange Association Ltd. · Section 10(6) · Section 28(iii) · mutual dealings · services to members · taxable income · carrying on business

Sections most often in play

Section 11Section 11(1)(a)Section 143(3)Section 11(1)(c)Section 11(5)Section 12Section 12AASection 13

Issues it is cited on

application of income for charitable purposesreal income theoryapplication of incomesection 12aaregular assessmentdouble taxationsection 11section 148transferpersonsection 147india

Judgments citing CIT v. Calcutta Stock Exchange Association Ltd.

COUNCIL OF ARCHITECTURE,NEW DELHI vs. ITO (EXEMPTION), WARD-1(3) , NEW DELHI

In the result, the appeal of the assessee for Assessment Year 2012-

ITA 955/DEL/2019[2012-13]Status: DisposedITAT Delhi13 Aug 2025AY 2012-13

Bench: Shri M. Balaganesh & Shri Vimal Kumar

For Appellant: Shri Sushil Kumar, AdvFor Respondent: Ms. Harpreet Kaur Hansra, Sr. DR
Section 11Section 12ASection 143(3)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER ITA Nos. 955 & 952/Del/2019 (Assessment Years: 2012-13 & 2014-15) Council of Architecture, Vs. ITO (Exemption), Core-6A, First Floor, India Ward-1(3), New Delhi Habitat Centre, New Delhi (Appellant) (Respondent) PAN: AAATC3616N Assessee by : Shri Sushil Kumar, Adv Revenue by: Ms. Harpreet Kaur Hansra, Sr. DR Date of Hearing 07/08/2025 Date of pronouncement 13/08/2025 O R D E R PER M. BALAGANESH, A. M.: 1. These are the appeals filed by the assessee in ITA No.955/Del/2021 fo…

COUNCIL OF ARCHITECTURE,NEW DELHI vs. ITO (EXEMPTION), WARD-1(3) , NEW DELHI

In the result, the appeal of the assessee for Assessment Year 2012-

ITA 952/DEL/2019[2014-15]Status: DisposedITAT Delhi13 Aug 2025AY 2014-15

Bench: Shri M. Balaganesh & Shri Vimal Kumar

For Appellant: Shri Sushil Kumar, AdvFor Respondent: Ms. Harpreet Kaur Hansra, Sr. DR
Section 11Section 12ASection 143(3)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER ITA Nos. 955 & 952/Del/2019 (Assessment Years: 2012-13 & 2014-15) Council of Architecture, Vs. ITO (Exemption), Core-6A, First Floor, India Ward-1(3), New Delhi Habitat Centre, New Delhi (Appellant) (Respondent) PAN: AAATC3616N Assessee by : Shri Sushil Kumar, Adv Revenue by: Ms. Harpreet Kaur Hansra, Sr. DR Date of Hearing 07/08/2025 Date of pronouncement 13/08/2025 O R D E R PER M. BALAGANESH, A. M.: 1. These are the appeals filed by the assessee in ITA No.955/Del/2021 fo…

CLAN LABORATORIES PVT. LTD.,CHENNAI vs. DCIT, CORPORATE WARD-1(2), CHENNAI

ITA 2303/CHNY/2024[2015-16]Status: DisposedITAT Chennai11 Aug 2025AY 2015-16
For Appellant: Mr. N.Arjun Raj, AdvocateFor Respondent: Ms. Gouthami Manivasagam, JCIT
Section 148Section 148ASection 149

…h v. State Transport Appellate Tribunal [(1997) 1 SCC 650.] ) The word “deemed” is used to treat a thing or event as something, which otherwise it may not have been, with all the attendant consequences. (CIT v. Calcutta Stock Exchange Association Ltd. [(1959) 36 ITR 222 (SC); 1959 SCC OnLine SC 126.]; Smt. Sudha Rani Garg v. Jagdish Kumar [(2004) 8 SCC 329.] ) The effect of a legal fiction is that “a position which otherwise would not obtain is deemed to obtain under the circumstances…

ACIT., EXEMPTIONS CIRCLE-1(1), HYDERABAD vs. PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA, HYDERABAD

In the result, the appeal of Revenue is allowed

ITA 1199/HYD/2024[2016-17]Status: DisposedITAT Hyderabad11 Feb 2025AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Bleassessment Year: 2016-17 The Assistant Commissioner Vs. Pharmaceuticals Export Of Income Tax, Promotion Council Of India, Exemptions, Circle – 1(1), Hyderabad. Hyderabad. Pan : Aadcp4643C (Appellant) (Respondent) Assessee By: Shri Rv. Chalam, C.A. Revenue By: Shri B. Balakrishna, Cit-Dr Date Of Hearing: 10.02.2025 Date Of Pronouncement: 11.02.2025

For Appellant: Shri RV. Chalam, C.AFor Respondent: Shri B. Balakrishna, CIT-DR
Section 11Section 11(1)(a)Section 12(1)Section 12ASection 143(2)Section 143(3)Section 144

…xable under the said provision? ….. 34. In expounding Section 10(6) of the old Act, which was the precursor of Section 28(iii) of the present Act, the Supreme Court in Commissioner of Income-tax, West Bengal v. Calcutta Stock Exchange Association Ltd., (1959) 36 ITR 222, observed that the performance of the services of the description mentioned in that sub- section, may, but for the words of that section, have amounted to carrying on business in respect of those services. It was further observed that unless the assessee is brought within the terms of the Section, the receipt in question cannot be charged to incom…

SUBODH GUPTA,DELHI vs. JCIT, NEW DELHI

In the result, the appeal of the assessee for Assessment Year 2012-

ITA 955/DEL/2016[2011-12]Status: DisposedITAT Delhi31 Jan 2025AY 2011-12

Bench: Shri M. Balaganesh & Shri Vimal Kumar

For Appellant: Shri Sushil Kumar, AdvFor Respondent: Ms. Harpreet Kaur Hansra, Sr. DR
Section 11Section 12ASection 143(3)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER ITA Nos. 955 & 952/Del/2019 (Assessment Years: 2012-13 & 2014-15) Council of Architecture, Vs. ITO (Exemption), Core-6A, First Floor, India Ward-1(3), New Delhi Habitat Centre, New Delhi (Appellant) (Respondent) PAN: AAATC3616N Assessee by : Shri Sushil Kumar, Adv Revenue by: Ms. Harpreet Kaur Hansra, Sr. DR Date of Hearing 07/08/2025 Date of pronouncement 13/08/2025 O R D E R PER M. BALAGANESH, A. M.: 1. These are the appeals filed by the assessee in ITA No.955/Del/2021 fo…

THE SPORTS CLUB OF GUJARAT LTD.,,AHMEDABAD vs. THE PR. CIT-4, AHMEDABAD

In the result, we are of the view that in light of the discussion above,

ITA 360/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad28 Apr 2022AY 2015-16
For Appellant: Shri S.N. Soparkar, Sr. A.R. &For Respondent: Shri James Kurian, CIT-D.R
Section 143(3)Section 263

…d held that entrance fees received by the assessee-club at the time of entrance of new members is a receipt of revenue nature and chargeable to tax in the hands of the club viz. the Supreme Court decision in the case of Delhi Stock Exchange Ltd. Vs. CIT(1959) 36 ITR 222(Supreme Court). However, the A.O. did not take note of the above-referred decision and did not tax the amount of Rs.8,63,92,930/- as taxable receipts. Thus, the assessment order passed u/s 143(3) of the Act on 21.12.2017 was erroneous and prejudicial to the interest of the revenue so far as non-taxing of these receipts is concerned. 3.2 In respon…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 892/PUN/2017[2008-09]Status: DisposedITAT Pune20 Apr 2022AY 2008-09

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 891/PUN/2017[2007-08]Status: DisposedITAT Pune20 Apr 2022AY 2007-08

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 890/PUN/2017[2006-07]Status: DisposedITAT Pune20 Apr 2022AY 2006-07

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 4,, PUNE vs. M/S. POONA CLUB LTD,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 1939/PUN/2017[2013-14]Status: DisposedITAT Pune20 Apr 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

ASSISTANT COMMISSIONER OF INCOME TAX,, PUNE vs. M/S. POONA CLUB LTD.,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 1238/PUN/2017[2012-13]Status: DisposedITAT Pune20 Apr 2022AY 2012-13

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

ASSISTANT COMMISSIONER OF INCOME TAX,, PUNE vs. M/S. POONA CLUB LTD.,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 1237/PUN/2017[2011-12]Status: DisposedITAT Pune20 Apr 2022AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

ASSISTANT COMMISSIONER OF INCOME TAX,, PUNE vs. M/S. POONA CLUB LTD.,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 1235/PUN/2017[2008-09]Status: DisposedITAT Pune20 Apr 2022AY 2008-09

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 895/PUN/2017[2012-13]Status: DisposedITAT Pune20 Apr 2022AY 2012-13

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 894/PUN/2017[2011-12]Status: DisposedITAT Pune20 Apr 2022AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 893/PUN/2017[2009-10]Status: DisposedITAT Pune20 Apr 2022AY 2009-10

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 4,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 2242/PUN/2017[2014-15]Status: DisposedITAT Pune20 Apr 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 4,, PUNE vs. M/S. POONA CLUB LTD,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 2221/PUN/2017[2014-15]Status: DisposedITAT Pune20 Apr 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

POONA CLUB LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 4, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 1653/PUN/2017[2013-14]Status: DisposedITAT Pune20 Apr 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

ASSISTANT COMMISSIONER OF INCOME TAX,, PUNE vs. M/S. POONA CLUB LTD.,, PUNE

In the result, the appeal filed by the Revenue in ITA

ITA 1236/PUN/2017[2009-10]Status: DisposedITAT Pune20 Apr 2022AY 2009-10

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M. G. Jasnani
Section 143(1)Section 143(3)Section 147Section 148

…members do not have any voting rights and the rights of voting for regular/permanent members much different from non-voting members placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Calcutta Stock Exchange Association Ltd., 36 ITR 222 and Delhi Stock Exchange Association Ltd. vs. CIT, 41 ITR 415. 18. Being aggrieved by the above additions, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the disallowances of expenditure @ 7.5% claimed against the interest income and also confirmed the disallowance of expenditure claimed against the three receipts lik…

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