Law:

Section:

Section 11, read with section 2(15), of the Income-tax Act, 1961 - Charitable or religions trust - Exemption of income from property held under - Assessment years 1963-64 to 1968-69 - Activities of assessee-company were mainly (i) to promote commerce, art, science or any other useful object connected with photographic and allied trade, (ii) to promote and protect interests of traders in that field, and (iii) to correlate and help members to help each other to increase general trade -Clause 5 of memorandum of association stated that income and property of assessee should be solely applied for promotion of its objects - Whether dominant object of assessee was advancement of public utility and was entitled to exemption under 11, read with section 2(15) - Held, yes Section 28(iii) of the Income-tax Act, 1961 - Business income - Income of trade or professional association - Whether on basis of facts mentioned under head 'Charitable of religious trust - Exemption of income from property held under' assessee was liable to be taxed in respect of its income under section 28(iii) - Held, no Facts The activities of the assessee-company were mainly to promote commerce, art, science or any other useful object connected with photographic and allied trade and to promote and protect the interests of photographic and allied traders in every manner possible, to formulate and carry out plans designed to place the trade on a sound and remunerative basis and to correlate and help the members to help each other to the betterment of the business to increase general trade. Clause 5 of the memorandum of association showed that the income and the property of the company when so ever derived, should be applied solely for the promotion of its objects as set forth in the memorandum of association and that no portion of the income or property should be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to persons who, at any time were, or had been members of the assessee. The assessee had income by way of receipts from business, rents, secretarial charges, service charges and receipts from souvenirs. In assessment years 1963-64 to 1968-69, the…

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