Judgment

SHAH, J.- The Andhta Chamber of Commerce- hereinafter called the assessee - is a Company incorporated under the Indian Companies Act 7 of 1913. The assessee was permitted under S. 26 of the Act to omit the word "limited" from its name by order of the Government of Madras.

2. The following are the principal objects of the Memorandum of Association of the assessee :

(a) To promote and protect trade, commerce and industries of India, in the Province of Madras and in particular in the Andhra country.

(b) To aid-stimulate and promote the development of trade, commerce and industries in India or any part thereof with capital principally provided by Indians or under the management of Indians.

(c) To watch over and protect the general commercial interests of India or any part thereof and the interests of the Andhras in particular engaged in trade, commerce or manufacture in India and in particular the Andhra Desa.

(d) To do all such other things as may be conducive to the preservation and extension of trade, commerce, industries and manufactures or incidental to the attainment of the above objects or any of them. Clauses (d) to (x) are incidental to the principal objects.

3. By cl.4 of