https://www.taxtmi.com/caselaws?id=29509 Income from a chamber's immovable property was treated as exempt where the chamber's objects were directed to promoting and regulating trade and commerce, removing friction among merchants, framing commercial rules, arbitrating disputes, and disseminating commercial knowledge. Those activities were held to serve a sufficiently defined section of the public engaged in the relevant trade, not private members alone, so they fell within advancement of an object of general public utility. The absence of private gain and the obligation to apply income solely to the chamber's objects supported charitable character, and the property income was therefore exempt from tax. en-us Mon, 27 Jul 1981 00:00:00 +0530 Sat, 13 Mar 2010 13:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29509 Income from a chamber's immovable property was treated as exempt where the chamber's objects were directed to promoting and regulating trade and commerce, removing friction among merchants, framing commercial rules, arbitrating disputes, and disseminating commercial knowledge. Those activities were held to serve a sufficiently defined section of the public engaged in the relevant trade, not private members alone, so they fell within advancement of an object of general public utility. The absence of private gain and the obligation to apply income solely to the chamber's objects supported charitable character, and the property income was therefore exempt from tax. Case-Laws Income Tax Mon, 27 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29509