1938 (3) TMI 19 - HC - Income Tax

Summary

The Bombay High Court ruled that the Grain Merchants' Association of Bombay is not exempt from income tax under Sec. 4(3) of the Indian Income-tax Act as their activities do not fall under "general public utility." The court upheld the Commissioner of Income-tax's reference under Sec. 66(2).Justice Kania agreed with the decision.