https://www.taxtmi.com/caselaws?id=8217 Rental income from property held by an association of textile manufacturers was treated as exempt because the association's objects fell within "charitable purpose" as advancing an object of general public utility. The court applied the principle that a purpose need not benefit mankind at large and may still qualify if it serves a sufficiently defined and identifiable section of the public. On the memorandum of association, the income and property were dedicated to the association's objects and could not be distributed to members, and the benefited class was the defined body of textile manufacturers in the province. The earlier Supreme Court authority on trade association exemption was followed, and the income was excluded from assessment. en-us Wed, 14 Oct 1970 00:00:00 +0530 Mon, 06 Apr 2009 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8217 Rental income from property held by an association of textile manufacturers was treated as exempt because the association's objects fell within "charitable purpose" as advancing an object of general public utility. The court applied the principle that a purpose need not benefit mankind at large and may still qualify if it serves a sufficiently defined and identifiable section of the public. On the memorandum of association, the income and property were dedicated to the association's objects and could not be distributed to members, and the benefited class was the defined body of textile manufacturers in the province. The earlier Supreme Court authority on trade association exemption was followed, and the income was excluded from assessment. Case-Laws Income Tax Wed, 14 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8217