https://www.taxtmi.com/caselaws?id=36588 The High Court held that the income of the Delhi Stock Exchange Association Ltd. for the assessment years 1966-67 to 1969-70 did not qualify as income derived from property held under trust for charitable purposes, making it ineligible for exemption under Section 11 of the Income-tax Act, 1961. The Court determined that the company, being limited by shares, was not legally obligated to utilize its income solely for charitable purposes and could distribute profits among its members. Therefore, the assessee did not meet the legal requirement for exemption under Section 11. en-us Fri, 29 Feb 1980 00:00:00 +0530 Tue, 23 Mar 2010 12:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36588 The High Court held that the income of the Delhi Stock Exchange Association Ltd. for the assessment years 1966-67 to 1969-70 did not qualify as income derived from property held under trust for charitable purposes, making it ineligible for exemption under Section 11 of the Income-tax Act, 1961. The Court determined that the company, being limited by shares, was not legally obligated to utilize its income solely for charitable purposes and could distribute profits among its members. Therefore, the assessee did not meet the legal requirement for exemption under Section 11. Case-Laws Income Tax Fri, 29 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36588