Activities of society for benefit of general public is eligible for Section 11 deduction

Association of Mutual Funds in India Vs DCIT (ITAT Mumbai) ITAT Mumbai held that activities of the appellant-society directed towards the benefit of investors and potential investors forming part of the general public which are note limited to the benefit of its members is eligible for deduction u/s 11 of the Income Tax Act, 1961 Facts- The Appellant, a company holding valid registration under Section 12A of the Act, filed its ROI declaring ‘Nil’ income after claiming exemption u/s. 11 and 12 of the Act. During the assessment proceedings, the Appellant was asked to explain why the inco...