2008 (2) TMI 546

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....espondent. JUDGMENT The judgment of the court was delivered by 1. C. N. RAMACHANORAN NAIR J.-This appeal is filed against the order of the Income-tax Appellate Tribunal confirming the disallowance of Income-tax exemption claimed by the appellant. The main income of the appellant, in respect of which the exemption is claimed, is floor charges collected for allowing use of the space and fac....

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....ption. The Tribunal has found that the appellant was not giving any benefit to its members and floor charges were collected pertaining to trade of shares on behalf of outsiders by the members Therefore, the claim of mutuality was turned down by the Tribunal. 3. We do not know, how appellant can claim exemption on principle of mutuality, when appellant has a case that it is entitled to exemption....