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2018 (8) TMI 2099 - AT - Income TaxExemption u/s 11 - denying the benefit of exemption u/s 12A as well as not allowing the claim for deprecation - test for carrying on of any activity in the nature of trade, commerce or business as mentioned in the first proviso to Sec. 2(15) would be satisfied if profit making is not the real object - HELD THAT:- As decided in own case [2018 (7) TMI 1478 - ITAT DELHI] as drawing support from the speech of the Finance Minister and subsequent clarification issued by the CBDT within the framework of amended provisions of section 2(15) in our considered opinion, there was no material which may suggest that the assessee association was conducting its affairs solely on commercial lines with the motive to earn profit. There is also no material which could suggest that the assessee association has deviated from its objects which it has been pursuing since past many decades. In our humble opinion and understanding of law, proviso to section 2(15) is not applicable to the facts of the case and the assessee-association deserves benefit u/s 11/12 of the Act. We, therefore, do not find any reason to interfere with the findings of the first appellate authority. Appeal filed by the Revenue is dismissed.
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