1986 (12) TMI 2 - HC - Income Tax

Summary

The High Court dismissed a reference application under section 256(2) of the Income-tax Act, 1961 regarding the exemption of income from commission, subsidy, admission fee, etc., under section 80P(2)(a)(i). The Tribunal's decision was based on a previous case favoring the assessee, leading to the dismissal of the application.