9911796707
TMI Blog1995 (8) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... We were asked to decide the following question as referred to under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act " ), as to : " Whether, on the facts and in the circumstances of the case, was the Tribunal legally correct in holding that the income of the assessee could not be brought to tax and hence the assessment itself was a nullity and that no interest co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and it was also held that the assessment itself was bad in law. There could not be any question of interest, since the findings by the Tribunal are based on reasoning. It cannot be said that the finding is perverse so that interference by the High Court may be necessary. Since the institution of the assessee is completely charitable, as such it is not subject to tax under sections 12 an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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