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TMI Blog2012 (5) TMI 849X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal (Tribunal, for short) dated 16.6.2011 in the case of the Institute of Chartered Accountants of India pertains to the assessment year 2007-08. The first proviso to Section 2(15) of the Income Tax Act, 1961 (Act, for short) is applicable w.e.f. 1.4.2009 and its scope and ambit is not required to be examined and considered in the present appeal. As far as the legal issue in this appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as, accordingly held as under: 3.The test which has, therefore, now to be applied is whether the predominant object of the activity involved in carrying out the object of general public utility is to subserve the charitable purpose or to earn profit. Where profit making is the predominant object of the activity, the purpose, though an object of general public utility, would cease to be a charit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofits must necessarily feed a charitable purpose under the terms of the trust, the mere fact that the activities of the trust yield profit will not alter the charitable character of the trust. The test now is, more clearly than in the past, the genuineness of the purpose tested by the obligation created to spend the money exclusively or essentially on charity. The learned judge also added that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... examination conducted by the Institute of Chartered Accountants, but these classes are not held for coaching or for appearance in an examination conducted by some other entity/ body. Conducting of coaching classes is with the predominant object of maintaining and upholding the standards of the accountancy profession and in furtherance of the object and purpose for which the institute is establishe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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