1938 (3) TMI 19

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..... a point of no great difficulty. The assessees are the Grain Merchants' Association of Bombay and they had put in their return declaring a deficit of ₹ 1,819. Their income, material for the present purpose, consists of interest earned on investments. Admittedly that source of income is liable to tax but the assessee Association say that they are not liable since they fall within the exemp .....

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..... d other small as well as big works of public utility. The only real question is whether these words fall within the words of the proviso to Sec. 4 (3), viz., "general public utility". In my opinion an object of general public utility means an object of public utility which is available to the general public as distinct from any section of the public; and the objects of this association a .....

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