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TMI Blog2009 (7) TMI 654X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for attracting section 11(1)(a) was that income should be derived from property held in trust for Charitable purpose. The Commissioner (Appeals) as well as the Tribunal held that interest income from grants was fully covered under section 11(1)(a). The interest income from property of the trust fell under section 11 of the Act. - 666 of 2008 (O&M). - - - Dated:- 31-7-2009 - ADARSH KUMAR GOEL and MRS. DAYA CHAUDHARY JJ. Ms. Urvashi Dhugga for the appellant. JUDGMENT The judgment of the court was delivered by 1. ADARSH KUMAR GOEL J. - Delay in refiling is condoned. Heard on the merits. 2. The Revenue has preferred this appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act"), proposing to rais ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Lever Ltd. v. CIT [1999] 239 ITR 297 (SC), CIT v. Cement Distributors Limited [1994] 208 ITR 355 (Delhi), CIT v. Pandian Chemicals Ltd. [1998] 233 ITR 497 (Mad), Nanji Topanbhai and Co. v. Asst. CIT [2000] 243 ITR 192 (Ker) and CIT v. K. K. Doshi and Co. [2000] 245 ITR 849 (Born) her main reliance is on the judgment of the Madras High Court in Pandian Chemicals Ltd. [1998] 233 ITR 497, which dealt with the expression income "derived" from the interest for claiming benefit under section 8OHH of the Act, which is permissible in respect of income derived from new industrial undertaking. It was held that the interest income was not income derived from new industrial undertaking. 6. We are unable to hold that interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 325 at page 328, where the definition of the expression has been given of the word 'derived'. At page 151 (of 23 ITR) this court pointed out: 'Reference might also be usefully made to the definition of the expression "derived" given by the Privy Council in CIT v. Kamakhya Narayan Singh [1948] 16 ITR 325. It is true that their Lordships were there considering the question of agricultural income, but the interpretation placed upon the expression "derived" by their Lordships is not without assistance for interpreting the same expression in section 4(3) (i). The expression used in this section is "any income derived from property held under trust", and to put upon it the interpretation put by the Privy Council, the property must be the eff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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