Trust created per FMC/SEBI rules for investor benefit eligible for tax exemption 10(23EC).

The Income Tax Appellate Tribunal (ITAT) ruled that a trust, established under FMC/SEBI requirements for investor benefit, qualifies for tax exemption under section 11. The trust, receiving contributions from MCX as part of its corpus, does not engage in fee collection or service provision, lacking commercial activities. It was granted registration under section 12A as a charitable trust serving public utility. The Assessing Officer could not prove any benefit to persons under section 13(3) read with section 13(1)(c). Following a precedent, the contribution income is exempt under section 10(23EC), leading to the dismissal of the Revenue's appeal. .....

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