1997 (12) TMI 11 - SCH - Income Tax

Whether the Tribunal was right in holding that the amount of ₹ 2,50,000 could not be said to have been applied for charitable or religious purposes in India within the meaning of s. 11(1) - whether the assessee was entitled to any further exemption from tax of any portion of its income for the asst. yr. 1965-66 - finding of fact is that the amount was not actually applied for charitable or religious purposes - no reason to interfere with this order of the High Court

Summary

The Supreme Court dismissed the appeal regarding the application of Rs. 2,50,000 for charitable or religious purposes, as it was not actually utilized for those purposes. The assessee was not entitled to further tax exemption for the relevant assessment year. No costs were awarded. (1997 (12) TMI 11 - SC)