AI Structured Summary
Not yet generated for this judgment
Judgment
The Income Tax Appellate Tribunal, Allahabad, has referred the following question of law u/s 256(1) of the Income Tax Act, 1961,hereinafter referred to as the Act'' for opinion to this Court:
Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in holding that the Trust was not liable to the tax u/s 11 and it was not hit by Section 13 of the Income Tax Act, 1961?
The present reference relates to the assessment year 1989-90.
Briefly stated that the facts giving rise to the present reference are as follows:
The respondent-assessee is a trust and has shown its income from the property owned by it. The assessing officer, however, found that the income so generated was not applied by the assessee to charitable purposes within the meaning of Section 13 of the Act, exemption u/s 11 was, therefore, disallowed. The appeal preferred by the respondent-assessee has been allowed following the view taken by the Tribunal in the respondent-assessee''s case in respect of the assessment years 1980-81 and 1981-82, which has been upheld by the Tribunal.
We have heard Sri R.K. Upadhyaya, learned Standing Counsel for the revenue and Sri R.S. Agrawal, learned Counsel appearing for the respondent-assessee.
It is agreed between the learned Counsel for the parties that the issue raised in the present reference has been considered by this court in ITR No. 127 of 1989, decided on 19-9-2006 in respect of the same assessee, wherein this court has answered the similar question in favour of the assessee and against the revenue.
Respectfully following the aforesaid decision, we answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the revenue. However, there shall be no order as to costs.