2013 (3) TMI 559

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....nbsp;The assessee-trust is a society known as "The Chartered Accountants Study Circle". The aims and objects of the society, among other things, are as follows :  "(a) to conduct periodical meetings on professional subjects ;  (b) to publish books, booklets, etc., on professional subjects ;  (c) to organise seminars, conventions, conferences, etc., as may be deemed fit from time to time ;  (d) to make representation to the Central and State Governments, public and professional institutions, etc., on matters involving pro-fessional and social problems ;  (e) to receive and collect any subscriptions, gifts and donations, either in cash or in kind or acquire by any other lawful ways and means and spend the same in....

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.... as a part of on-going education of chartered accounts, which, in turn, would necessarily help the society to get better,  well-equipped and skilled set of chartered accountants for maintaining audit quality. With that finding, the Tribunal allowed the appeal and held that the assessee was entitled to approval under section 80G of the Act.  On a challenge to the said order, Mr. T. Ravikumar, learned standing counsel for the Revenue, would submit that in terms of the first proviso to section 2(15) of the Income-tax Act, in the event the activities of the trust involve the carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service in relation to any trade, commerce or business....

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....c or historic interest, and the advancement of any other object of general public utility. If the activities are in the advancement of any other object of general public utility, such activities can be called as "charitable purpose". However, in terms of the first proviso to clause (15) of section 2 of the Act, if the trust involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, such activities shall not be a charitable purpose. The question, therefore, is whether the publication of books of professional interest to be used as a reference material by the general  including the professionals in respect of bank audit, ....