https://www.taxtmi.com/caselaws?id=16547 A company incorporated as a guarantee company does not become an association of persons merely because it is not registered under section 25 of the Companies Act, 1956; its status depends on the nature of incorporation and the governing company law framework, and the Revenue's long treatment of it as a guarantee company supported that view. For section 11 exemption, the dominant object of promoting trade and commerce could qualify as an object of general public utility, but exemption also required a legal restriction in the memorandum or bye-laws obliging income to be applied only to charitable purposes and preventing distribution of profits. The charitable-object question was answered against the assessee on the existing findings, and the matter was remitted for fresh consideration of those governing restrictions. en-us Thu, 27 Nov 1997 00:00:00 +0530 Tue, 08 Sep 2009 14:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16547 A company incorporated as a guarantee company does not become an association of persons merely because it is not registered under section 25 of the Companies Act, 1956; its status depends on the nature of incorporation and the governing company law framework, and the Revenue's long treatment of it as a guarantee company supported that view. For section 11 exemption, the dominant object of promoting trade and commerce could qualify as an object of general public utility, but exemption also required a legal restriction in the memorandum or bye-laws obliging income to be applied only to charitable purposes and preventing distribution of profits. The charitable-object question was answered against the assessee on the existing findings, and the matter was remitted for fresh consideration of those governing restrictions. Case-Laws Income Tax Thu, 27 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16547