Trade Promotion is Genuine Charity: ITAT Rejects Section 2(15) Proviso on Cost Recovery Reason

Bharat Diamond Bourse Vs DCIT(E) (ITAT Mumbai) Proviso 2(15) Cannot Cut Genuine GPU: Diamond Bourse Shines Again- Trade Promotion is NOT Trade- ITAT Cuts Through 2(15) Misuse Bharat Diamond Bourse (BDB) was conceived and established with the active support of the Government of India to promote diamond exports, provide world-class infrastructure, and set up customs clearance facilities for smooth import/export operations. Initially operated by MMTC (a government undertaking), the Bourse was later taken over by the assessee and registered as a non-profit Section 25 company. Its primary object ha...