1997 (2) TMI 57 - HC - Income Tax

Summary

The High Court of Kerala ruled in favor of the assessee, stating that they are entitled to exemption under section 11(1) of the Income-tax Act, 1961, despite the provisions of section 11(4A). The court declined to answer question No. 2 as it was considered another facet of question No. 1. The judgment will be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.