The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the...

The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the Companies Act, was granted exemption u/s 10(23C)(iv) of the Income Tax Act. Its main activity is promoting exports of the leather industry by facilitating participation of members in trade fairs. The council serves as a bridge between exporters, overseas buyers, and the government. The exemption was granted in earlier years based on the ITAT order, which held that the council's activities do not constitute business, trade, or commerce, and the proviso to Section 2(15) does not apply. For applying the second proviso to Section 2(15), receipts from providing rental space in fairs and trade shows should be considered. Only the profit element, not th..... .....

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