Assessee-company, registered under section 25 of Companies Act, was engaged in imparting financial education/awareness’ to investor in field of investments . Application for registration was rejected same on ground that assessee was imparting services for price so as to earn profit and there was no element of charity rather it was purely on commercial basis for earning profits . On appeal the Court held that  as per the Memorandum of Association of assessee that income and profit of company, whatsoever derived would be applied solely for promotion of its objects as set forth in memorandum . Accordingly merely because assessee earned certain revenue, it could not be said that activities of assessee were not charitable so as to cancel its registration under section 12AA of the Act .(  2016-17)