Assessee trade association of advertising agencies organised ‘Fest’ every year for advancement of its objects specified in Charter of Trust.  In which it invited eminent speakers from international advertising world as well as from Indian media. Surplus generated out of ‘Goa Fest’ were accumulated and set apart and same was  deposited in bank in form of fixed deposits and saving account. It claimed exemption in respect of receipt and interest.   AO denied the exemption which was affirmed by CIT(A). On appeal the Tribunal held that since Fest organised by assessee was clearly towards advancement of assessee’s object of general public utility, receipts from said Fest and interest received on money deposited were entitled for exemption. (AY. 2011-12)