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The ITAT held that the assessee trust, created as per mandatory FMC/SEBI requirements for investors' benefit, is eligible for exemption u/s 11. It receives contributions from MCX based on guidelines forming part of its corpus, does not collect fees or render services, and lacks commercial/business angles in activities. The ITAT granted registration u/s 12A, holding the assessee as a charitable trust advancing general public utility. The AO failed to demonstrate how activities benefited persons covered u/s 13(3) r.w.s. 13(1)(c). Following NCDEX case, the contribution income is exempt u/s 10(23EC) as notified by the government. The Revenue's appeal is dismissed.
The ITAT held that the assessee trust, created as per mandatory FMC/SEBI requirements for investors' benefit, is eligible for exemption u/s 11. It receives contributions from MCX based on guidelines forming part of its corpus, does not collect fees or render services, and lacks commercial/business angles in activities. The ITAT granted registration u/s 12A, holding the assessee as a charitable trust advancing general public utility. The AO failed to demonstrate how activities benefited persons covered u/s 13(3) r.w.s. 13(1)(c). Following NCDEX case, the contribution income is exempt u/s 10(23EC) as notified by the government. The Revenue's appeal is dismissed.
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