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2016 (7) TMI 107 - ITAT MUMBAIExemption u/s.11 declined - whether proviso to section 2(15) was applicable to the assessee which was introduced w.e.f. assessment year 2009-2010? - The main objects of the assessee trust inter alia are to promote, advance and protect trade, commerce and industry in India - Held that:- Respectfully following the decision of co-ordinate bench in the case of Indian Chambers of Commerce & Industry [2014 (12) TMI 256 - ITAT KOLKATA ], wherein after discussing various High Court and Supreme Court judgement the Tribunal reached to the conclusion that even after amendment of section 2(15) of the Act w.e.f. 01.04.2009, assessee association’s having primary purpose of advancement of objects of general public utility and it would remain charitable even if an incidental or ancillary activity or purpose, for achieving the main purpose was profitable in nature. Hence, assessee is not hit by newly inserted proviso to section 2(15) of the Act. - Decided in favour of assessee
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