Investor protection fund formed in pursuance of SEBI guidelines is fund for public charitable cause

The assessee- trust was formed in pursuance of the Securities and Exchange Board of India (SEBI) guidelines/regulations for investor protection, with the sole aim of creating a Fund which could provide compensation to the investors in case of loss on account of default by any member of a participating, recognized Stock Exchange. The same is a public charitable cause, falling within the scope of the term ‘charitable purpose’ as defined u/s. 2(15), vide the last limb thereof, i.e., the advancement of any other object of general public utility. INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUM...