https://www.taxtmi.com/caselaws?id=65427 The appeal was dismissed as the Tribunal upheld the rejection of the application for registration under section 12AA of the IT Act, 1961. The Tribunal found that the society's income was used for purposes including payment of dividends, which did not align with the definition of 'charitable purpose.' Citing the Supreme Court decision in Delhi Stock Exchange Association Ltd. vs. CIT, the Tribunal concluded that an institution with a profit distribution clause cannot be considered wholly charitable. Consequently, the appeal was dismissed based on the disentitlement arising from the dividend distribution clause. en-us Fri, 05 Feb 2010 00:00:00 +0530 Tue, 15 Feb 2011 16:16:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65427 The appeal was dismissed as the Tribunal upheld the rejection of the application for registration under section 12AA of the IT Act, 1961. The Tribunal found that the society's income was used for purposes including payment of dividends, which did not align with the definition of 'charitable purpose.' Citing the Supreme Court decision in Delhi Stock Exchange Association Ltd. vs. CIT, the Tribunal concluded that an institution with a profit distribution clause cannot be considered wholly charitable. Consequently, the appeal was dismissed based on the disentitlement arising from the dividend distribution clause. Case-Laws Income Tax Fri, 05 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65427