https://www.taxtmi.com/caselaws?id=276915 The expression "charitable purpose" in section 4(3)(i) of the Income-tax Act, 1922 includes advancement of any object of general public utility. Where an association's governing documents require its income to be applied only to its stated objects and prohibit distribution of surplus to members, the property is treated as held for charitable purposes. An object directed to promoting and protecting trade, commerce and industry for the community at large satisfies this test, and incidental advantage to members does not destroy the charitable character. On that basis, the income was exempt from tax and the reference was answered for the assessee. en-us Wed, 22 Feb 1961 00:00:00 +0530 Tue, 20 Nov 2018 12:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276915 The expression "charitable purpose" in section 4(3)(i) of the Income-tax Act, 1922 includes advancement of any object of general public utility. Where an association's governing documents require its income to be applied only to its stated objects and prohibit distribution of surplus to members, the property is treated as held for charitable purposes. An object directed to promoting and protecting trade, commerce and industry for the community at large satisfies this test, and incidental advantage to members does not destroy the charitable character. On that basis, the income was exempt from tax and the reference was answered for the assessee. Case-Laws Income Tax Wed, 22 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276915