2008 (2) TMI 546

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..... of the floor charges collected from members goes back to the same members, and so much so, based on principles of mutuality appellant’s income is entitled to exemption. The Tribunal has found that the appellant was not giving any benefit to its members and floor charges were collected pertaining to trade of shares on behalf of outsiders by the members Therefore, the claim of mutuality was turned d .....

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..... tax exemption claimed by the appellant. The main income of the appellant, in respect of which the exemption is claimed, is floor charges collected for allowing use of the space and facilities of the appellant for trading in shares/stock. Even though the appellant claimed that the appellant has permitted only its members to trade in shares/stock in its premises, there is no document to prove it, as .....

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..... tuality was turned down by the Tribunal. 3. We do not know, how appellant can claim exemption on principle of mutuality, when appellant has a case that it is entitled to exemption as a charitable institution and it has even got registration under section 12A of the Income-tax Act. In any case, since the findings of the Tribunal on facts are contrary to the principle of mutuality, we do not find a .....

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