JUDGMENT : We have heard learned counsels appearing for the parties. 2. In all these Income Tax Appeals under Section 260A of the Income Tax Act, 1961 (for short, 'the Act') filed by the Commissioner of Income Tax, for the assessment years 1995-96 to 2007-08, the substantial question of law, on which these appeals have been admitted, is as follows:- "Whether in the facts and circumstances of the case, the ITAT was justified in law and have not acted perversely in holding that the assessee respondent is a charitable institution as contemplated under section 2(15) of the Act and is entitled for exemption under section 11(2) and 11(1)(a) of the Act?" 3. The assessee-Company is a Stock Exchange, registered as Public Limited Company under the Companies Act, 1956, and is alleged to be a charitable institution under Section 12A of the Act, within the meaning of the Income Tax Act, 1961. The Jaipur Stock Exchange Limited is recognized by Stock Exchange Board of India (SEBI) under the Securities Contracts (Regulation) Act, 1956. 4. The objects set out in the Memorandum of Association, for which the Company (Jaipur Stock Exchange Limited) was established, are as follows:- "A. The main objects of the Exchange to be pursued by the Exchange on its incorporation are : 1. To support and protect the character and status of brokers, dealers and jobbers in stocks, shares and like securities and to further the interests of both brokers and the public dealing in Jaipur and elsewhere in Rajasthan and in India in stocks, shares and like securities and to maintain high standards to commercial honour and integrity to promote honourable practise, to discourage and to suppress malpractices, to settle disputes amongst brokers, dealers and jobbers to decide all questions of usage, custom or courtesy in conducting the business of brokers, dealers and jobbers and. 2. To facilitate, assist, regulate and control the transaction of business on the stock exchange and to establish and provide for and manage clearing house for the transactions of the members. B. The objects incidental or ancillary to the attainment of the main objects are : 1. 2. To facilitate, assist, regulate and control the transaction of business on the stock exchange and to establish and provide for and manage clearing house for the transactions of the members. B. The objects incidental or ancillary to the attainment of the main objects are : 1. Subject to the provisions of the Securities Contracts (Regulation) Act, 1956 and the Rules framed thereunder and any Law and Rules for the time being in force relating thereto, to make Rules & Bye-laws regulating the mode and conditions in and subject to which the business of the Stock Exchange shall be transacted and conduct of the persons transacting the same and generally for the good order and Government of Members of the Exchange and from time to time to amend or alter such rules and regulations or any of them and to make any new, amended or additional Rules or Regulations for the purposes aforesaid. 2. To establish just and equitable principles and to settle points or practise and to decide upon any questions of business usage or courtesy between or among members of the Exchange. 3. To regulate and fix scale of commission and brokerage to be charged by members of the Exchange. 4. To protect the members of the Exchange amongst persons whose character or circumstances render them unworthy of credit. 5. To erect, construct, extend, and maintain in Jaipur a suitable building to use as a place for the transaction of the business of the Exchange or of its members and for such other purposes of the Exchange as may be determined upon, and to erect, construct and maintain such other building or buildings as may be considered necessary or desirable for the purposes of the Exchange or for the use of the members thereof. 6. To acquire by purchase, taking on lease or otherwise and develop lands and buildings and all other property movable and immovable which the Exchange may from time to time think proper to acquire for the purposes of the Exchange. 7. To sell, improve, manage, develop, Exchange, lease or let under lease or sublet, mortgage, dispose of, turn to account or otherwise deal with all or any part of the property of the Exchange. 8. 7. To sell, improve, manage, develop, Exchange, lease or let under lease or sublet, mortgage, dispose of, turn to account or otherwise deal with all or any part of the property of the Exchange. 8. To construct upon any premises acquired for the purposes of the Exchange any buildings for the purpose of the Exchange and to alter, add to or remove any building upon such premises. 9. To borrow or raise any moneys required for the purposes of the Exchange upon such terms and in such manner and with or without such securities, as may be determined, and in particular by the issue of debentures charged upon all or any of the properties of the Exchange existing or to be acquired in future. 10. To subscribe for, become a members and cooperate with any other association, whether incorporated or not, whose objects are altogether or in part similar to those of this Exchange and to procure from and communicate to any such association such information as may be thought likely to further the objects of this Exchange or to promote measures for the protection of the trade or any interest therein. 11. To invest the money of the Exchange not immediately required, in such securities as may from time to time be thought fit. 12. To remunerate any person, firm or company for services rendered in placing or assisting to place or guaranteeing the placing of any debenture or other securities of the Exchange. 13. To establish and support or aid in the establishment and support of associations, institutions, funds, trusts, conveniences calculated to benefit members or employees or ex-employees of the Exchange or ex-members of the Exchange and the dependents or connections of any such persons and to grant pensions and allowances and to make payments towards insurance and to subscribe or guarantee money for charitable or benevolent objects or for any exhibition or for any public general or useful object. 14. To undertake and execute any trusts, the undertaking of which may seem to the Exchange desirable. 15. To underwrite, float or subscribe for conditionally or unconditionally purchases or otherwise acquire and to hold, dispose of and deal in Government securities, stock, shares and securities of any company or any body incorporated or unincorporated. 16. 14. To undertake and execute any trusts, the undertaking of which may seem to the Exchange desirable. 15. To underwrite, float or subscribe for conditionally or unconditionally purchases or otherwise acquire and to hold, dispose of and deal in Government securities, stock, shares and securities of any company or any body incorporated or unincorporated. 16. To take or otherwise acquire and hold shares in any other company having objects altogether or in part similar to those of the Exchange or carrying on any business capable of being conducted so as directly or indirectly to benefit the Exchange. 17. To enter into any arrangements with any State Govt. or other authorities Supreme, Municipal, Local or otherwise company or body that may seem conducive to the objects of the Exchange or any of them and to obtain from any such State Govt. or authority or company or body any rights, privileges and concessions which the Exchange may think it desirable to obtain and carry out exercise and company with such arrangements, rights, privileges and concessions. 18. To enter into partnership or into any agreement for sharing profits, union of interests, cooperation, joint ventures, reciprocal concessions or otherwise with any person or company carrying on or engaged in or about to carry on or engage in any business of transaction which the Exchange is authorized to carry on or engage in any business or transaction capable of being conducted so as directly or indirectly to benefit the Exchange and to lend money to guarantee the contracts of or otherwise assist any person or company and to take or otherwise acquire shares and securities of any such company and to sell, hold, reissue with or without guarantee or otherwise deal with the same. 19. To promote any company or companies for the purpose of acquiring all or any of the properties, rights and liabilities of the Exchange or for any other purpose which may seem directly or indirectly calculated to benefit the Exchange. 20. To sell or dispose of subject to the provisions of Companies Act, 1956, the undertaking of the Exchange or part thereof for such consideration as the Exchange may think fit and in particular for shares, debentures or securities of any other company having objects altogether or in part similar to those of the Exchange. 21. 20. To sell or dispose of subject to the provisions of Companies Act, 1956, the undertaking of the Exchange or part thereof for such consideration as the Exchange may think fit and in particular for shares, debentures or securities of any other company having objects altogether or in part similar to those of the Exchange. 21. To carry on business as financiers, promoters, concessionaires, managers, secretaries, treasurers, agents or managing agents and any other business which may be conveniently carried on with the above. 22. To encourage the settlement of disputes by arbitration, to act as or to nominate arbitrators or umpires on such terms and in such cases as may seem expedient and to provide for arbitration of all disputes in respect of all transactions relating to or arising out of or pertaining to transactions in securities and including arbitration of disputes between members and persons who are not members and to provide arbitration Tribunals, Boards, Courts and subject to the provisions of the Securities Contracts (Regulation) Act, 1956 and the Rules framed thereunder to make Rules, Bye-laws and Regulations in relation to all such arbitration proceedings and to regulate the procedure with regard to the same and for enforcement of awards. 23. To make, draw, accept, endorse cheques, bills of exchange, promissory notes and other mercantile or commercial instruments. 24. To promote the consideration and discussion of all questions affecting the business of the Exchange or of its members and allied businesses and generally to watch over and protect the interests of brokers, jobbers and investors in stocks, shares and like securities. 25. To give the Government authorities, legislators and public bodies and other facilities of conferring with and ascertaining the views of the Exchange as regards matters directly or indirectly affecting the interests of brokers, dealers, jobbers and investors in stocks, shares and like securities. 26. To petition, if necessary, to the legislatures or promote deputation in relation to general and particular measures affecting the business of the Exchange, its members or investors in stocks, shares and like securities and to procure changes in law or in practise regarding the same. 27. To promote or oppose legislative and other measures affecting the commercial, industrial and investing interests. 28. To collect, acquire, preserve, disseminate and circulate statistics and other information relating to stocks, shares and like securities and to maintain a library. 29. 27. To promote or oppose legislative and other measures affecting the commercial, industrial and investing interests. 28. To collect, acquire, preserve, disseminate and circulate statistics and other information relating to stocks, shares and like securities and to maintain a library. 29. To print, publish and circulate such papers, periodicals, books and daily and other periodical quotations, lists and circulars as may seem conducive to furtherance of any of these objects of the Exchange. 30.To communicate with Chambers of Commerce and other mercantile bodies throughout the world and consult and promote measures for the protection and advancement of the objects of the Exchange. 31. To improve and elevate the technical and business knowledge of persons engaged in or about to be engaged in trade, banking, commerce or company administration or dealing in stocks, shares and like securities or in connection therewith and with a view thereto to provide for delivery of lectures and holding of classes and to test by examination or otherwise the competence of such persons and to award certificates and diplomas and to institute and establish scholarships, grants and other benefactions. 32. To receive moneys, securities and valuables of all kinds on deposit or for safe custody with or without remuneration therefore and on such terms and conditions as the Exchange may deem fit; PROVIDED THAT in case of deposits from the public, it shall be in accordance with Section 58 A of the Companies Act, 1956 & Rules thereunder and as per the directions of the Reserve Bank of India from time to time; PROVIDED further that the Exchange, however, shall not carry on any banking or insurance business. 33. To make advances on the security of any bonds, shares or real or personal property of any kind and on such terms as the Exchange may deem fit. 34. To undertake or to act as Clearing House for delivery and payment of shares, stocks, debentures, Government securities and otherwise both for members as well as for the investing public and do all acts either banking or financial which may be required to be done in connection with the clearing house and to perform and carry out the various kinds of business incidental to and connected therewith. 35. 35. To do all or any of the above things in any part of the world and as principals, agents contractors, trustees or otherwise and by or through trustees, agents or otherwise and either alone or in conjunction with other. 36. To take over all the assets and liabilities of Jaipur Stock Exchange and pass necessary resolutions, to approve all the actions of and to adopt all arrangements made by the coordination committee prior to official formation of the Exchange and to enter into necessary agreements, accordingly with the parties concerned for the purposes of carrying on business of the Exchange. 37. To apply for and obtain from the Government of India, recognition of the Exchange as a recognized Stock Exchange for the purpose of regulating and controlling the business of purchase, sale, dealings and transactions in securities within the meaning of the Securities Contracts (Regulation) Act, 1956. 38. To use the safe deposit vaults for purposes of storage gratuitously or otherwise letting on hire and otherwise disposing of safes, strong-rooms and other receptacles for money, securities and documents of all kinds. 39. To make payments or disbursements out of the funds or other movable property of the Exchange for any of the purposes specified in the Rules, Bye-Laws and Regulations of the Exchange. 40. To facilitate the transaction of business of the Exchange by establishing, providing for and maintaining Clearing House for the members. 41. To apply any surplus funds available with the Exchange in promoting its objects and not to distribute the same as dividend or in any other form to the members. 42. To do all such other things as are incidental or conducive to the attainment of the above objects. C. Other objects are : Nil. And it is Hereby Declared that the objects set forth in any sub-clause of this clause shall not, except where the context expressly so requires be in any way limited or restricted by reference to or inference from the terms of any other sub clause or by the name of the Exchange. C. Other objects are : Nil. And it is Hereby Declared that the objects set forth in any sub-clause of this clause shall not, except where the context expressly so requires be in any way limited or restricted by reference to or inference from the terms of any other sub clause or by the name of the Exchange. None of the sub-clauses of this clause nor the objects herein nor the powers thereby conferred shall be deemed subsidiary or auxiliary merely to the objects mentioned in the first sub-clause of this clause but that the Exchange shall have full power to exercise all or any of the power conferred by any part of this clause in any part of the world notwithstanding that the business, undertaking, property or acts proposed to be transacted, acquired, dealt with or performed do not fall within the objects of the first sub-clause of this clause. And it is Hereby Further Declared that the income and property of the Exchange, where so ever derived from, shall be applied solely towards the promotion of the objects set forth herein above, and no portion thereof shall be paid off by way of dividend, bonus or profits to any of the members. IV. The Liability of the Members is limited. V. Every member of the Exchange undertakes to contribute to the assets of the Exchange in the event of its being would up while he is a member, or within one year after he ceases to be a member, for payment of the debts and liabilities of the Exchange contracted before he ceased to be a member, and costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding Rs.2,500/- (Rupees Two thousand Five hundred) Only." 5. The Jaipur Stock Exchange-the assessee claimed exemption under Section 11(2) and Section 11(1)(a) of the Act, and had declared the taxable income in all the assessment years as 'Nil'. It was submitted that the primary object of the assessee, as per Memorandum of Association, quoted as above, is to regulate and control the transaction of business on the stock exchange, and to establish and provide for, and manage clearing house for the transactions by the members. The assessee is not empowered to do business in stocks, shares etc. It was submitted that the primary object of the assessee, as per Memorandum of Association, quoted as above, is to regulate and control the transaction of business on the stock exchange, and to establish and provide for, and manage clearing house for the transactions by the members. The assessee is not empowered to do business in stocks, shares etc. The main objects of the assessee-Company were therefore, charitable in nature, as defined in Section 2 (15) of the Act. Section 2(15) of the Income Tax Act, defines "charitable purpose", as follows:- "2(15). "charitable purpose" includes relief of the poor, education, medical relief, preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest, and the advancement of any other object of general public utility: Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity. Provided further that the first proviso shall not apply if the aggregate value of the receipts from the activities referred to therein is twenty-five lakh rupees or less in the previous year." 6. It was contended that the objects of the stock exchange are of general public utility. The stock exchange is not carrying out any business, nor is earning profits, for distribution to its members. 7. The Assessing Officer was not satisfied with the explanation, and held that the assessee's ancillary objects show that it is involved in carrying on the business. The clauses in the Memorandum and Articles of Association, may not permit the applicant to distribute income, but that, all the clauses and objects taken together are general, and permit the usage of income for non-charitable purposes. Clause B(13) of the Memorandum of Association, provides for establishing and support, or aid in the establishment and support of associations, institutions, funds, trusts and conveniences calculated to benefit members or employees. 8. Clause B(13) of the Memorandum of Association, provides for establishing and support, or aid in the establishment and support of associations, institutions, funds, trusts and conveniences calculated to benefit members or employees. 8. In appeal, the CIT (A) allowed the exemption under Section 11, reversing the order of the Assessing Officer, following the order of the Income Tax Appellate Tribunal, in the case of the assessee, in which such exemption was allowed for the assessment year 2000-01. 9. The Income Tax Appellate Tribunal, relying on the judgments in CIT v. Maharana of Mewar Charitable Foundation, 164 ITR 439, CIT v. Shri Plot Swetamber Murti Pujak Jain Mandal, 211 ITR 293 (Guj.), and in the case of Gonvindu Naicker Estate v. ACIT & Anr., 248 ITR 368 (Mad.), allowed the exemption under Section 11 of the Act. 10. Learned counsel appearing for the Income Tax Department submits that a close perusal of the objects, as set out in the Memorandum and Articles of Associations of the Jaipur Stock Exchange Limited, would show that the assessee is not engaged, nor is carrying out any activity, as provided under Section 2(15), for relief of the poor, education, medical relief, and the advancement of any other object of general public utility. Section 11 provides that the income from property held for charitable or religious purposes, shall not be included in the total income of the assessee. Section 12 gives the benefit of exemption to the income of trusts and institutions. Section 12 provides for conditions for registration of trusts etc. The assessee, on the basis of the comparative reading of Sections, does not fall under any of the category of charitable institutions, and is as such not entitled to claim exemption under Section 11(2) and Section 11(1)(a) of the Act. 11. It is submitted that the members of the assessee-Company are dealing in stocks, shares, and like securities, which shows the intention of the assessee to earn profit. The members have not associated for common charitable purpose, but for trading and profit. The assessee- Company provides for trading facilities to individual members, and charges fees in the form of admission of dealing in stocks and shares. The trading in stocks is conducted by members as well as the authorized agents, for earning profits, and thus, the meaning of "charitable purpose", cannot be extended to the assessee, to make the purpose of exemption irrelevant. The trading in stocks is conducted by members as well as the authorized agents, for earning profits, and thus, the meaning of "charitable purpose", cannot be extended to the assessee, to make the purpose of exemption irrelevant. The exemption clause must be strictly construed, and that, unless and until the assessee specifically falls under that category, the benefit of exemption cannot be extended. Learned counsel appearing for the Department has relied on the judgments of the Supreme Court in Yogiraj Charity Trust v. Commissioner of Income Tax, New Delhi, (1976) 103 ITR 777 (SC), Additional Commissioner of Income Tax, Gujarat v. Ahmedabad Mill Owners' Association, (1977) 106 ITR 725 (Guj.), Additional Commissioner of Income Tax, Gujarat v. Surat Art Silk Cloth Manufacturers Association, (1980) 121 ITR 1 (SC) and Delhi Stock Exchange Association Ltd. v. Commissioner of Income Tax, New Delhi, (1997) 225 ITR 235 (SC), in support of his submissions. He submits that in Delhi Stock Exchange Limited (supra), the Supreme Court, after considering the objects of the Delhi Stock Exchange Limited and the purpose of giving exemption under Section 11, held in paragraph 7, as follows:- "7. What is, therefore, required is that there must be an obligation created to spend the money exclusively and essentially on charity. In the present case, as found by the High Court, at the relevant period there was no obligation that the income from properties by the assessee was to be exclusively used for charitable purposes. It was permissible for the assessee to distribute the whole or part of such income by way of dividends amongst its shareholders. Such a prohibition was imposed only in December 1973 by the amendment of Article 103(xiv) of the Articles of Association of the assessee. In other words, prior to the said amendment introduced in December 1973, the assessee was under no legal obligation prohibiting it from distributing the income derived by it by way of dividends amongst its shareholders. On that view of the matter, it must be held that the High Court was right in holding that the assessee could not claim exemption under Section 11 read with Section 2(15) of the Act." 12. It is submitted that in the case of the Trusts, for finding out whether a Trust is entitled to claim exemption, on the dominant purpose of the Trust. It is submitted that in the case of the Trusts, for finding out whether a Trust is entitled to claim exemption, on the dominant purpose of the Trust. If the dominant purpose was for religious and charitable purposes, even if the money was spent for non-charitable purpose, and whether it was open to the Trustees to utilize income for any of the objects of the Trust, in exclusion to other objects, the Trust property by itself cannot be said to be utilized for religious and charitable purposes, under Section 4(3)(1) of the Income Tax Act, 1922. 13. Learned counsel appearing for the assessee submits that unlike the Memorandum of Association of Delhi Stock Exchange Limited, in which there was a provision for distribution of profits, and it was found that there was no bar for distribution of profits, prior to the amendment of Articles of Association in December 1973, the Delhi Stock Exchange Limited was not under any legal obligation, prohibiting it from distributing the income derived by it, by way of dividends, amongst its shareholders, and in that context, the Supreme Court has held in the matter of Delhi Stock Exchange Association Ltd. v. Commissioner of Income Tax, New Delhi (supra) for the period relevant for assessment, prior to December 1973, that the Delhi Stock Exchange Limited, was not entitled to exemption under Section 11 of the Act. The Delhi Stock Exchange Limited subsequently, deleted the Article 103(xiv) in December 1973. In the period of assessment, after the amendment in Memorandum of Association in December 1973, the Delhi High Court in Commissioner of Income Tax v. Delhi Stock Exchange Association Ltd., (2001) 119 Taxman 91 (Delhi), held that the Delhi Stock Exchange Limited was entitled to exemption under Section 11 of the Act. 14. In the period of assessment, after the amendment in Memorandum of Association in December 1973, the Delhi High Court in Commissioner of Income Tax v. Delhi Stock Exchange Association Ltd., (2001) 119 Taxman 91 (Delhi), held that the Delhi Stock Exchange Limited was entitled to exemption under Section 11 of the Act. 14. It is submitted by learned counsel appearing for the assessee that in almost all the cases of stock exchanges, considering the objects of assessment in the Memorandum and Articles of Associations of the stock exchanges, as well as in the analogous cases of Bar Councils and Chambers of Commerce, the Supreme Court and the High Courts have consistently held that where the objects of the Association are for general public utility, namely, to regulate the activities of the business, or profession, with no profit earning motive, nor there are any provisions for distribution of profits amongst the members, the activity is a charitable activity, which qualifies for exemption under Section 11 of the Act. 15. In Hyderabad Stock Exchange Limited v. Commissioner of Income Tax, (1967) 66 ITR 195 (AP), the High Court of Andhra Pradesh held that the object of the stock exchange is not only to further the interests of both the brokers and dealers, but also of the public interested in securities, to assist, regulate and control the trade or business in securities, to maintain high standards of commercial honour and integrity, to promote and inculcate honourable practices and just and equitable principles of trade and business, to discourage and to suppress malpractices, to settle disputes and to decide all questions of usage, custom or courtesy in the conduct of trade and business. The profits earned by the exchange are not to be distributed between the members, but to be utilized to serve public utility, and is a charitable purpose. The Andhra Pradesh High Court relied on CIT v. Andhra Chamber of Commerce, (1965) 55 ITR 722 (SC), in arriving at a conclusion that Hyderabad Stock Exchange is entitled for exemption under Section 11 of the Act. 16. A similar view was taken in Commissioner of Income Tax v. Bangalore Stock Exchange Ltd., (1978) 115 ITR 493 (Kar.). The High Court of Karnataka, after examining the Memorandum of Association, and considering the principal objects of the Bangalore Stock Exchange Limited, held that the objects of the stock exchange are of general public utility. 16. A similar view was taken in Commissioner of Income Tax v. Bangalore Stock Exchange Ltd., (1978) 115 ITR 493 (Kar.). The High Court of Karnataka, after examining the Memorandum of Association, and considering the principal objects of the Bangalore Stock Exchange Limited, held that the objects of the stock exchange are of general public utility. There being no element of profit in the admission fees, membership fees and listing fees, the exemption is available, in respect of income thereof. The mere possibility of an activity, which is not charitable, will not deny exemption. 17. In Commissioner of Income Tax v. Bar Council of Maharashtra, (1981) 130 ITR 28 (SC), the "charitable purpose" defined in Section 2(15) of the Act, was explained. It was held that the clause is a restrictive clause. The exemption must depend upon the nature and character of the activities, which the Council can undertake under the relevant provisions of the Advocates Act, 1961, under which it is constituted. The dominant purpose being to ensure quality of service of competent lawyers to the litigating public, to spread legal literacy, law reforms etc., and the benefit accruing to lawyer member, being only incidental, the dominant purpose is clearly the advancement of object of general public utility within the meaning of Section 2(15), and thus, the exemption under Section 11 is allowable. 18. We have gone through the objects of the Jaipur Stock Exchange Limited in the Memorandum of Association. The Jaipur Stock Exchange Limited is a Company, registered by the Income Tax Department as Charitable Trust under Section 12A of the Income Tax Act. The object of the stock exchange is not only to further the interests both of the brokers and dealers, but also the public interested in securities, to assist, regulate and control the trade or business in securities, to maintain high standards of commercial honour and integrity, to promote and inculcate honourable practices, and just and equitable principles of trade and business, to discourage and to suppress malpractices, to settle disputes, and to decide all questions of usage, custom or courtesy in the conduct of trade and business. The Memorandum of Association does not permit the profits to be distributed between the members. The Memorandum of Association does not permit the profits to be distributed between the members. The profits are provided to be utilized for services of the public utility, would thus clearly fall and will qualify for exemption within the meaning of "charitable purpose", as defined in Section 2(15) of the Act. 19. In our view, the question is covered by the judgment of Hon'ble Supreme Court in Delhi Stock Exchange Association Ltd. v. Commissioner of Income Tax, New Delhi (supra), and further, in the judgments of the Supreme Court in CIT v. Andhra Chamber of Commerce (supra), Commissioner of Income Tax v. Bar Council of Maharashtra (supra); the judgment of Delhi High Court in Commissioner of Income Tax v. Delhi Stock Exchange Association Ltd. (supra), Andhra Pradesh High Court in Hyderabad Stock Exchange Limited v. Commissioner of Income Tax (supra), and of the Karnataka High Court in Commissioner of Income Tax v. Bangalore Stock Exchange Ltd. (supra). 20. The question of law is thus, decided in favour of the assessee, and against the Department. 21. All the Income Tax Appeals are accordingly dismissed. 22. A copy of this judgment will be placed in all the connected files.