2012 (1) TMI 341

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....dicial Member Appellant by : Shri N. Devanathan, Advocate Respondent by : Shri K.E.B.Rengarajan, Junior ORDER Dr. O.K. Narayanan,   This appeal is filed by the assessee. The appeal is directed against the order of the Director of Income-tax (Exemptions), Chennai dated 30.9.2011 wherein the Director has rejected the application put in by the assessee for obtaining registration u....

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....other connected activities etc. As per the principal objects stated by the assessee, the prime object of the assessee-society is to update knowledge in the field of respective industries to its members. The funds of the society will be utilized only for the declared objects of the assessee-society and all other restrictive covenants of a registered charitable society apply to the assessee as well.....

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....n refusing registration to the assessee under sec.12AA of the Income-tax Act, 1961. He has relied on the following judicial pronouncements : 1. CIT v. Andhra Chamber of Commerce (55 ITR 722) [SC] 2. Southern India Mill Owners' Association v. CIT (110 ITR 871) [Mad.] 3. Addl. CIT v. Surat Art Silk Cloth Manufacturers Association (121 ITR 01) [SC] 4. DIT(Exemptions) v. Bharat Diamond Bou....

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....Exemptions) v. Bharat Diamond Bourse (245 ITR 437) where a trade association established for serving the common interest of a particular trade, the Court held that the objects of the association was charitable in nature and entitled for exemption under sec.11. This was the view again by the Supreme Court in the case of CIT v. Andhra Chamber of Commerce (55 ITR 722). 7. Whether the assessee-soci....