https://www.taxtmi.com/caselaws?id=49357 Income from property was exempt where the assessee's memorandum bound its assets and income to be applied solely to its stated objects, and those objects were held to advance an object of general public utility. Promotion and protection of trade, commerce and industry was treated as beneficial to the public by promoting economic prosperity, and incidental benefit to members or traders did not defeat charitable character. A clause allowing action for or against legislation affecting trade was only ancillary and did not make the purposes political. The dominant purpose remained public utility, not private gain, so the exemption was upheld. en-us Thu, 01 Oct 1964 00:00:00 +0530 Mon, 23 Feb 2015 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49357 Income from property was exempt where the assessee's memorandum bound its assets and income to be applied solely to its stated objects, and those objects were held to advance an object of general public utility. Promotion and protection of trade, commerce and industry was treated as beneficial to the public by promoting economic prosperity, and incidental benefit to members or traders did not defeat charitable character. A clause allowing action for or against legislation affecting trade was only ancillary and did not make the purposes political. The dominant purpose remained public utility, not private gain, so the exemption was upheld. Case-Laws Income Tax Thu, 01 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49357