https://www.taxtmi.com/caselaws?id=764498 The ITAT Mumbai allowed exemption u/s 11 to a trust created per FMC/SEBI requirements for investor benefit. The trust received contributions from MCX based on regulatory guidelines without collecting fees or rendering commercial services. The AO's denial of exemption claiming commercial activities was rejected as the trust operated for general public utility without business elements. The trust had valid 12A registration and qualified for exemption u/s 10(23EC) for contributions from recognized stock exchanges. Revenue's appeal was dismissed. en-us Wed, 04 Dec 2024 00:00:00 +0530 Fri, 10 Jan 2025 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764498 The ITAT Mumbai allowed exemption u/s 11 to a trust created per FMC/SEBI requirements for investor benefit. The trust received contributions from MCX based on regulatory guidelines without collecting fees or rendering commercial services. The AO's denial of exemption claiming commercial activities was rejected as the trust operated for general public utility without business elements. The trust had valid 12A registration and qualified for exemption u/s 10(23EC) for contributions from recognized stock exchanges. Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764498