IT Exemption cannot be denied to South Indian Film Chamber of Commerce

After considering the submissions of the assessee and analyzing the Section 2(15) of the Act as it stood prior to its substitution with effect amendment from 01.04.2009 and after such amendment, ITAT held that first proviso was attracted only where an assessee was carrying in activities in the nature of trade, commerce or business rendering any services in relation to trade, commerce or business. As per ld. Commissioner of Income Tax (Appeals), assessee could not be considered as carrying on any trade, commerce or trade or providing services in relation to a trade, business or commerce. Furthe...