INSUREKOT SPORTS P LTD,MUMBAI vs. DY CIT,CPC, MUMBAI
In the result, appeal by the assessee stands allowed
ITA 1075/MUM/2021[2017-18]Status: DisposedITAT Mumbai25 Mar 2022AY 2017-18
Bench: Learned Cit(A). Learned Cit(A) Noted The Facts Of The Case & Assessee’S Submission As Under :- “Assessee Has Availed Of A Franchiseeship Of Team Puneri Paltan Which Is A Participating Team In The Pro Kabaddi League Organized By Mashal Sports Private Limited. During Fy 2016 17 Ay 2017 18 It Received Prize Money Of Rs 3000000 Being The Third Placed Team Of The Event. The Same Is Accounted & Shown Under The Revenue From Operations As Prize Money. The Same Is 2 Insurekot Sports Pvt. Ltd.
Section 115BSection 143Section 143(1)Section 2(24)(ix)Section 56(2)(ib)
These grounds agitate the treatment of Rs 30,00,000/-, as income from other sources by reading it u/s 115BB, rw section 56(2)(ib) and section 2(24)(ix) of the Act. The appellant has agitated this treatment on grounds of merit as well as for the reason that ... winnings of the game of Kabaddi. Once it is admitted that this is a fact then the application of section 115BB rw section 56(2)(ib) and 2(24)((ix) is automatic where once again the same phraseology has been used to stipulate that the said amounts would be treated
