Held that the assessee, which was formed with the main objects to serve as a forum that according to the assessee’s objects, it conducted technical meetings, workshops, seminars and other educational programs and speciality conference for development of mobility engineering. It was clear that the assessee fell under the last limb of the definition of “charitable purpose” as defined under section 2(15) of the Act, i. e., any other object of general public utility. The objects of the assessee-trust and its activities were clearly in the nature of general public utility activity, and thus, the exemption needed to be examined in light of provisions of section 2(15) of the Act. The order of the Commissioner (Appeals) on this issue was liable to be set aside. The objects and activities of the assessee were in the nature of trade, commerce or business and hit by proviso to section 2(15) of the Act. Therefore, the assessee’s entitlement to exemption needed to be examined in light of gross receipts and receipts from the activity of trade, commerce or business. The gross income of the assessee from conducting conference was more than 20 per cent. of the gross receipts of the assessee for the assessment year. The assessee had considered the net income after expenses from conducting conference and then, compared with gross receipts of the assessee to work out the limit prescribed under provisions of section 2(15) of the Act. The working was not in accordance with law, because, according to section 2(15) of the Act, if the gross receipts from the general public utility activity, i. e., from trade, commerce or business exceeds 20 per cent. of gross receipts, the assessee is not entitled for exemption under section 11 of the Act. If the gross receipts from conducting conference were considered, undisputedly, the receipts exceeded 20 per cent. of the gross receipts of the assessee for the assessment year. But, the facts had to be verified with reference to the financial statement of the assessee for relevant assessment year. That all other issues including computation of taxable income, if any, and taxability of corpus donations receipts towards magazine fund and depreciation had to be considered afresh after considering the assessee’s case in light of amended provisions of section 2(15) of the Act, and of the Supreme Court in the case of ACIT (E) v. Ahmedabad Urban Development Authority (2022 449 ITR 1 (SC) (AY.2013-14)