Wednesday, September 28, 2011

Hyderabad Stock Exchange is not entitled to exemption u/s 11 even though it


Hyderabad Stock Exchange is not entitled to exemption u/s 11 even though its dominant purpose is general public utility

Income-tax : If the assessee - Stock exchange is having uncontrolled powers to carry out any object which is to benefit its members, employees or ex-employees, then exemption under section 11 should not be available to the assessee though at the same time primary dominant purpose of the assessee is of the nature of 'general public utility' [Section 2(15) of the Income-tax Act, 1961 - Charitable or religions trust - Charitable purpose - [2011] 10 taxmann.com 132 (Hyd. - ITAT)

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