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Investor protection fund formed in pursuance of SEBI guidelines is fund for public charitable cause
Case Law Details
- Case Name
- Investors Protection Fund (ISE IPF) Vs Director of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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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 �...
