2017 (7) TMI 1015 - SCH - Income Tax

Taxability in hands of society - fund transferred to Distribution Pool Fund Account - respondent Society assessed to tax on its income as person as defined under Section 2(31) - Held that - No merit in this special leave petition. It is, accordingly, dismissed. HC order confirmed 2016 (12) TMI 237 - KARNATAKA HIGH COURT as stating that Income of the Society cannot be anything beyond the scope of Chapter XVI of the Bye laws. Therefore, logically the amount transferred to the Distribution Pool Fund Account cannot be brought within the umbrella of Chapter XVI. Hence, it is not taxable in the hands of the Society. In the premise, the substantial question of law deserves to be answered against the appellant-Revenue.