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2008 (2) TMI 546 - HC - Income TaxCharitable institution – exemption claimed - whether the appellant was entitled to exemption on the ground of mutuality? In other words, the claim is that the appellant’s benefit of the floor charges collected from members goes back to the same members, and so much so, based on principles of mutuality appellant’s income is entitled to exemption. The Tribunal has found that the appellant was not giving any benefit to its members and floor charges were collected pertaining to trade of shares on behalf of outsiders by the members Therefore, the claim of mutuality was turned down by the Tribunal. - Petitioner’s institution does not qualify for exemption by virtue of the bar contained in section 11(4A) - Tribunal found that the appellant comes within the mischief of section 11(4A) of the Income-tax Act, we do not find any ground to interfere with Tribunal’s order. Moreover, since disallowance of exemption is based on findings of facts, there is no substantial question of law arising put of the Tribunal’s order.
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