1988 (9) TMI 22 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the Film Federation of India, stating that various incomes including subscriptions from members, interest on securities, deposits, savings bank accounts, and debentures were exempt from tax under section 11(1)(a) of the Income-tax Act, 1961. The decision was based on the nature of the assessee and previous court rulings. The parties were directed to bear their own costs.