2003 (1) TMI 9 - SC - Income Tax

Charitable Purpose - Exemption - Whether, on the facts and in the circumstances of the case, the Income tax Appellate Tribunal is justified in holding that the agricultural income will not form a part of total income for the purpose of computing the accumulation of income in excess of 25 per cent. of the total income as laid down under section 11 - High Court was not justified in dismissing an application of revenue u/s 256(2) and 260A, for referring a question of law

Summary

The Supreme Court set aside two High Court judgments related to income tax assessment years 1988-89 and 1990-91. The Court directed the Tribunal to refer a question of law regarding agricultural income to the High Court. Tax Appeal No. 15 of 2000 was restored for further proceedings. No costs were awarded.