2000 (5) TMI 35 - HC - Income Tax

Summary

The Revenue's petition under section 256(2) of the Income-tax Act sought a direction to the Income-tax Appellate Tribunal to refer questions regarding the benefit of section 11 and treatment of forfeited amount. The Tribunal declined to make a reference, upholding the benefit under section 11 for the respondent-assessee, a registered society. The Tribunal's decision was based on the assessee not carrying on any business for profit. The High Court dismissed the Revenue's petition, stating that the newly inserted section 11(4A) did not materially alter the Tribunal's decision.