Law:

Section:

Section 11 (Corresponding to section 4(3)(i) of the Indian Income-tax Act, 1922 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under - Assessment year 1960-61 to 1971-72 - Assessee society registered under Companies Act was acting as a central organization primarily of press of India - Memorandum of association showed that dominant and primary purpose of society was to promote and safeguard business interests of newspaper proprietors as a whole and its members in particular - It owned building which was let out to its members - Whether, since dominant object of assessee society was to subserve interests of press in India and its various members which was clearly charitable in nature, and there was no intention of society to make any profit by letting out parts of building as such activity was only incidental to carrying out primary purpose of society, it was entitled to exemption under section 11 - Held, yes FACTS The assessee was a society registered under the Companies Act acting as a central organisation primarily of the Press of India. The objects of the society set out in the memorandum of association were, inter alia, to promote and safeguard the business interests of its members incidental to the production of their publications, to collect information upon all topics having a practical business interests for its members, to undertake and execute any trusts which may lawfully be undertaken by the society. The society was prohibited from distributing any dividend, loans or other profits of the society etc. It was further provided that in the case of winding-up or dissolution all the liabilities of the society should be first satisfied and the balance of the assets left thereafter would not be paid or distributed amongst the members of the society but should be given or transferred to some other institution or institutions having similar objects or to some charitable object determined. The assessee owned a building income from which for the assessment year 1960-61 was assessed as income from house property. For the assessment years 1961-62 to 1964-65, assessee's claim for exemption was rejected and…

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