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TMI Blog2013 (3) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... ling books of professional interest, which are meant to be used as a reference material even by the general public as well as the professionals in respect of bank audit, tax audit, etc., cannot be construed to be one of commerce in nature. The finding of the Tribunal in this regard requires no interference. In the given case, there is nothing to doubt about the genuineness of the activities of the assessee-trust in question - Dismissed the appeal of Revenue. - TC(A) NO 593/11 - - - Dated:- 13-2-2012 - D. Murugesan J.- For Appeleant - T. Ravikumar , Standing Counsel for Incone - Tax. JUDGMENT This tax case appeal is filed by the Revenue, raising the following substantial question of law : "Whether, on the facts and in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds to deserving persons for educational purposes, as may be decided by the committee." The assessee-trust filed an application in Form 10G to the Director of Income-tax (Exemptions), Chennai, for grant of renewal under section 80G of the Income-tax Act. The said request was rejected on the ground that the assessee was publishing and selling books of professional interest to be used as a reference material by the general public as well as the profes-sionals in respect of bank audit, tax audit, etc., and its activities are com-mercial in nature and will fall within the amended provision of section 2(15) of the Income-tax Act. Being aggrieved by the said order, the assessee preferred an appeal to the Income-tax Appellate Tribunal. Consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncement of any other object of general public utility : Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity : Provided further that the first proviso shall not apply if the aggre-gate value of the receipts from the activities referred to therein is (ten lakh rupees) or less in the previous year ;" In terms of clause (15) of section 2 of the Act, a charita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral public aiming to help the society to get better, well-equipped and skilled set of chartered accountants for maintaining audit quality. In our opinion, such activities of the assessee-trust cannot be construed to be one of trade or commerce or business and it would only be a charitable in nature. Therefore, it cannot be held that the activities of the assessee-trust in publishing and selling books of professional interest, which are meant to be used as a reference material even by the general public as well as the professionals in respect of bank audit, tax audit, etc., cannot be construed to be one of commerce in nature. The finding of the Tribunal in this regard requires no interference. That apart, under section 12AA of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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