BHARAT DIAMOND BOURSE,MUMBAI vs. DCIT (E)- 1(1), MUMBAI

In the result, appeal is allowed

Section 2(15) of the Act, hence, the assessee does not exist for charitable purpose. He further observed that the activities carried on by the assessee are rather based on mutuality, hence, non-charitable. He observed, since principle of mutuality applies to assessee's case, only the receipts from members are not taxable. However, receipts from non- members