Exemption u/s 2(15) was allowable to Investor Financial Education Academy for conducting activities for charitable purpose

Investor Financial Education Academy Vs. ITO (Madras High Court)

Conclusion: Exemption under section 2(15) was allowable to assessee-Investor Financial Education Academy as the surplus of assessee could not be distributed, which was clearly spelt out in the Memorandum of Association, income and profit of the company, whatsoever derived should be applied solely for the promotion of its objects as set forth in the memorandum; no portion of the income or property aforesaid should be paid or transferred.

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