https://www.taxtmi.com/caselaws?id=2128 A statutory market committee constituted under the Punjab Agricultural Produce Markets Act, 1961 was treated as a charitable trust because its legally imposed functions-regulating market activity, providing amenities, licensing, and applying funds for public-oriented purposes-fell within advancement of an object of general public utility under the Income-tax Act, 1961. Withdrawal of exemption under section 10(20) did not bar it from seeking registration or exemption under sections 11 and 12, because those provisions operate independently. Registration under section 12AA was also held not to depend on receipt of voluntary contributions. The committee could therefore seek section 12AA registration, with exemption under section 11 subject to year-wise scrutiny of audited accounts. en-us Wed, 14 Mar 2007 00:00:00 +0530 Fri, 01 Aug 2008 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2128 A statutory market committee constituted under the Punjab Agricultural Produce Markets Act, 1961 was treated as a charitable trust because its legally imposed functions-regulating market activity, providing amenities, licensing, and applying funds for public-oriented purposes-fell within advancement of an object of general public utility under the Income-tax Act, 1961. Withdrawal of exemption under section 10(20) did not bar it from seeking registration or exemption under sections 11 and 12, because those provisions operate independently. Registration under section 12AA was also held not to depend on receipt of voluntary contributions. The committee could therefore seek section 12AA registration, with exemption under section 11 subject to year-wise scrutiny of audited accounts. Case-Laws Income Tax Wed, 14 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2128