Assessee developing and protecting interest of commerce and industries is entitled to sec. 12A registration: ITAT
- Blog|News|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 19 November, 2021
Latest from Taxmann
Case Details: Federation of Trade Association of Pune v. CIT (Exemptions) - [2021] 132 taxmann.com 87 (Pune - Trib.)
Judiciary and Counsel Details
-
- R.S. Syal, Vice President and S.S. Viswanethra Ravi, Judicial Member
- Rajiv Thakkar for the Appellant.
- T. Vijaya Bhaskar Reddy for the Respondent.
Facts of the Case
Assessee-Federation of Trade Association of Pune has moved an application for grant of registration under section 12A. The Commissioner (Exemption), after considering aims and objects, held that assesssee was a members’ association and all activities were limited to its members and not to the general public at large to fall within clause ‘advancement of any other object of general public utility. Accordingly, the assessee wasn’t entitled to registration. Aggrieved-assessee filed the instant appeal before the Pune Tribunal.
ITAT Held
The Tribunal has held that on going through objects of assessee-trust, it was found that it had been set up to promote, develop and protect interests of trade and commerce which fall within the scope of ‘advancement of any other object of general public utility.
Further, bifurcation of revenue and expenses showed that none of the activity was in the nature of trade, commerce, or business. Thus, assessee satisfied condition, namely, objects of trust should be of advancement of any other object of general public utility and secondly, no activity in nature of trade and commerce or business, etc., should be carried on by it.
Therefore, the assessee fulfilled requisite conditions for falling under head ‘charitable purpose’ as defined under section 2(15)
List of Cases Referred to
-
- CIT v. Andhra Chamber of Commerce [1965] 55 ITR 722 (SC) (para 5).
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
