1996 (12) TMI 1

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..... K. T. THOMAS. JUDGMENT The question which was referred for the opinion of the High Court under section 27(1) of the Wealth-tax Act, 1957, is the following (see [1978] 115 ITR 453, 455) : " Whether, in the facts and circumstances of the case, the net wealth of the Hyderabad Race Club is exempt from wealth-tax under section 5(1)(i) of the Wealth-tax Act, 1957 ? " Section 5(1)(i) at the re .....

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..... on by a Full Bench of the Andhra Pradesh High Court in Hyderabad Race Club v. CIT [1985] 153 ITR 521. It was held that it cannot claim to be a charitable organisation. We are told that the special leave petition preferred against the Full Bench decision has also been dismissed by this court. In this view of the matter, we do not find any substance in this appeal. The appeal is dismissed accordingl .....

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