Non-profit making body with objective of protecting trade or commerce would be eligible for exemption

Bombay Chamber of Commerce & Mackinnon Mackenzie Building Vs ITO (ITAT Mumbai) Concluion: In present facts of the case, while allowing the appeal, it was held that the activities of Assessee comes under “charitable purpose” as defined under Section 2(15) of the Act and is eligible for exemption, because the amounts received by the assessee were not in nature of trade (since there is no exchange of goods either for goods in return or money) or commerce (since it is not engaged in purchase and sale of goods) or business (since assessee is a non-profit making body formed with the promotio...