Exemption under sec. 11 allowed to NEIA Trust formed for providing credit insurance cover to Indian exporters

IT: Where assessee-trust was set up by Ministry of Commerce and administered by Export Credit and Guarantee Corporation of India for providing credit insurance cover to Indian exporters and for implementation of several schemes and programmes formulated by GOI for benefit of medium and long term exports, since dominant and prime object of assessee was not to earn profit in relation to trade, commerce and business, exemption under sections 11 and 12 could not be declined to assessee

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