Proviso to sec. 2(15) not applicable if receipts from non-members were applied solely towards objects of trust

IT : Where receipts of assessee-association, formed with an object to promote and safeguard rubber industries, from non-members and other sources was utilised/applied solely towards promotion of objects of association and no portion was paid or transferred directly or indirectly to its members, proviso to section 2(15) would not be attracted

from www.taxmann.com Latest Case Laws https://ift.tt/2Pjtgj2