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TMI Blog2012 (1) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... t by : Shri K.E.B.Rengarajan, Junior ORDER Dr. O.K. Narayanan, This appeal is filed by the assessee. The appeal is directed against the order of the Director of Income-tax (Exemptions), Chennai dated 30.9.2011 wherein the Director has rejected the application put in by the assessee for obtaining registration under sec.12AA of the Income-tax Act, 1961. 2. The assessee is a soci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, the prime object of the assessee-society is to update knowledge in the field of respective industries to its members. The funds of the society will be utilized only for the declared objects of the assessee-society and all other restrictive covenants of a registered charitable society apply to the assessee as well. 3. But the Director (Exemptions) held that the main objects of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961. He has relied on the following judicial pronouncements : 1. CIT v. Andhra Chamber of Commerce (55 ITR 722) [SC] 2. Southern India Mill Owners Association v. CIT (110 ITR 871) [Mad.] 3. Addl. CIT v. Surat Art Silk Cloth Manufacturers Association (121 ITR 01) [SC] 4. DIT(Exemptions) v. Bharat Diamond Bourse (245 ITR 437)[Bom.] 5. We considered the issue. 6. The Hon bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation established for serving the common interest of a particular trade, the Court held that the objects of the association was charitable in nature and entitled for exemption under sec.11. This was the view again by the Supreme Court in the case of CIT v. Andhra Chamber of Commerce (55 ITR 722). 7. Whether the assessee-society is contravening any provision of the Income-tax Act relating to cha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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