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Proviso to sec. 2(15) not applicable if receipts from non-members were applied solely towards objects of trust

December 5, 2018[2018] 100 taxmann.com 7 (Mumbai - Trib.)
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IT : Where receipts of assessee-association, formed with an object to promote and safeguard rubber industries, from non-members and other sources was utilised/applied solely towards promotion of objects of association and no portion was paid or transferred directly or indirectly to its members, proviso to section 2(15) would not be attracted

IT : Contribution made by assessee-association, formed with an object to promote and safeguard rubber industries, to corpus of Rubber Skill Development Centre, a section 25 company formed under Prime minister Sector Skill development programme, was not a case of investment as envisaged under section 11(5) read with 13(1)(d), and, thus, assessee could not be denied exemption under section 11

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