TMI Blog1980 (1) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... Sethuraman, J. These are references of the following question arising our of the order of the Tribunal for the asst. yr. 1967-68 to 1969-70 : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the object of the assessee constituted Charitable purpose as defined in s. 2(15) of the IT Act, 1961, and that its income is exempt under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Association derived income from securities, dividends etc. and also from arbitration fees and fees for issuing certificates. The question arose in the course of these assessments whether the assessee was exempt under s. 11 read with s. 2(15) of the Act. The ITO assessed the income without any discussion of the allowability or otherwise of the exemption under s. 11. The AAC, on appeal, upheld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cutta High Court, which was followed by the AAC, and the decision of the Kerala High Court, which was followed by the Tribunal, were all considered by the Supreme Court in the Indian Chamber of Commerce vs. CIT, Bengal. The Kerala decision was reversed and the Calcutta decision was affirmed. Subsequently the Supreme Court in the case of the Add. CIT, Gujarat, Ahmedabad vs. Surat Art Silk Cloth Man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fall with the word exclusion in s. 2(15). There is nothing to show that the assessee, in giving assistance by way of arbitration or issuing certificates of origin in respect of goods, was carrying on any activity for profit. The dominant purpose of the assessee Chamber is only to pursue an object of general public utility. 5. The services rendered in connection with arbitration or issue of ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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