1999 (3) TMI 40

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....naras Brass Merchant and Manufacturers Association Varanasi. They derive their income from donations selling and manufacturing of the products produced by their members. The assessee-company was incorporated as a limited company in 1961. Prior to that it was a society registered under the Societies Registration Act 1960. The main objects of the institution are as under : (a) To foster and devel....

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....promote and protect trade commerce and industry of the mercantile community. The assessee claimed exemption under section 11(1)(a) of the Income-tax Act 1961. The Tribunal on consideration of the aforesaid objects of the assessee-company was pleased to hold that the activities carried on by the assessee-company were of general public utility and as such the assessee was entitled to exemption under....