https://www.taxtmi.com/caselaws?id=758271 ITAT Mumbai ruled in favor of the assessee, granting exemption under section 11 of the Income Tax Act. The tribunal held that the assessee's activities of organizing exhibitions for members to promote gem exports constituted charitable purposes under section 2(15), not commercial business. The AO failed to establish any deviation from the organization's main objectives or prove business transactions during exhibitions. Despite incurring losses on exhibitions, the assessee was entitled to exemption as a section 25 company registered under section 12A, with activities aimed at promoting trade and business of members rather than profit generation. en-us Wed, 26 Jun 2024 00:00:00 +0530 Tue, 10 Sep 2024 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758271 ITAT Mumbai ruled in favor of the assessee, granting exemption under section 11 of the Income Tax Act. The tribunal held that the assessee's activities of organizing exhibitions for members to promote gem exports constituted charitable purposes under section 2(15), not commercial business. The AO failed to establish any deviation from the organization's main objectives or prove business transactions during exhibitions. Despite incurring losses on exhibitions, the assessee was entitled to exemption as a section 25 company registered under section 12A, with activities aimed at promoting trade and business of members rather than profit generation. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758271