CIT v Federation of Indian Chamber of Commerce and Industry 130 ITR 186 (SC)

A legal case involving an assessee company registered under the Companies Act, deriving income from temporary stall space and receiving grant-in-aid for organizing a conference. The company claimed exemption under section 11 of the Act, which was denied by the revenue. The Supreme Court ruled that if the primary purpose of a trust or institution is charitable, any other ancillary or incidental purpose would not prevent it from being considered a valid charity.

The main key points from the provided context are as follows:
• The case involves an assessee company registered under section 25 of the Companies Act, 1956, deriving income from renting space for temporary stalls in trade fairs and receiving grant-in-aid from the Government for organizing international conferences.
• The company claimed the receipts as exempt under section 11 of the Act, but the revenue denied the exemption on the grounds that the activities were conducted with profit motive and therefore hit by provisions of section 2(15) of the Act.
• The Honorable Supreme Court held that if the primary or dominant purpose of a trust or institution is charitable, any other object which is merely ancillary or incidental to the primary or dominant purpose would not prevent the trust or institution from being a valid charity.