Entity's Profits Directed to Public Services; Qualifies for Tax Exemption Under Income Tax Act Section 11(2) and 2(15).

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....Entitlement to exemption u/s 11(2) - The memorandum of association does not permit the profits to be distributed between the members. The profits are provided to be utilised for services of the public utility, would thus clearly fall and will qualify for exemption within the meaning of "charitable purpose", as defined in section 2(15) - HC....