Assessee company, registered under section 12AA, was formed with an object for promoting and safeguarding rubber industry .AO held that the objects of assessee were not for benefit of general public at large, but were limited only to members of assessee-association, therefore, assessee was only a mutual association and not charitable. Further, assessee’s receipts from non-members and other sources such as income received from advertisements, sale of books and periodicals, magazine subscription, interest income on fixed deposits and cumulative deposits, etc. was hit by amended proviso to S. 2(15) of the Act. Tribuanl held that, memorandum of Association of assessee prescribed that income and property of association when so ever derived would be applied solely towards promotion of objects of association and that no portion thereof would be paid directly or indirectly to members of association . Further, upon winding up or dissolution of association, surplus remaining after satisfaction of all debts and liabilities, if any, would not be paid or distributed amongst members of association but would be given to some other association or institution having similar objects. Accordingly  there was no justification for AO  to hold that since objects of assessee sought to promote and protect interests of a particular trade and industry, same lost character of being charitable. The fact that some of activities carried out by an entity involving charging of fee, etc. had resulted in a surplus could not ipso facto be determinative of fact that there was an element of profit motive. Therefore, proviso to S 2(15) could not be invoked . Tribunal also held that ,contribution made by  to an association, formed with an object to promote and safeguard rubber industries, to corpus of Rubber Skill Development Centre, a section 25 company formed under Prime minister Sector Skill development programme, was not a case of investment as envisaged under section 11(5) read with 13(1)(d), and thus, assessee could not be denied exemption under section 11 of the Act. (AY. 2011-12, 2013-14)