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2020 (10) TMI 555 - ITAT MUMBAIExemption u/s 11 - mutual trade association having the main object to safeguard the interest of the industry and trade - Assessee says it is a company registered under section 25 of the Companies Act, 1956. Additionally, the assessee has also been granted registration under section 12A - As per AO assessee is a mutual trade association receiving membership contribution and, in turn, members are provided a common platform to avail the facilities provided to the rubber trade - HELD THAT:- As decided in own case [2018 (10) TMI 1172 - ITAT MUMBAI] examining all aspects of the issue and taking note of the submissions made by the parties ultimately concluded that the assessee is eligible to avail exemption under section 11 - no justification for the Assessing Officer to hold that since the objects of the assessee seek to promote and protect the interests of a particular trade, industry, the same loses the character of being charitable. Assessing Officer erred in invoking proviso to Sec. 2(15) to treat the activities of the assessee as being non-charitable specifically considering the fact that no material or evidence has been led to show that there was any profit motive in carrying out such activities. Pertinently, there is no rebuttal at any stage to the assertions of the assessee that its activities in the instant years are similar to the activities in the past years. We set-aside the order of CIT(A) and direct the Assessing Officer to allow the exemption Decided in favour of assessee.
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