9911796707
TMI Blog1975 (3) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... xempt from tax subject to verification by the Appellate Assistant Commissioner of the facts with reference to the provisions of section 11(1)(a) of the Income-tax Act, 1961 ? " This reference relates to the assessment year 1965-66, the relevant previous year being the calendar year 1964. The controversy in this reference is whether the income derived by the assessee-association from the business of export of sugar and interest from current and fixed deposits is exempt from income-tax under section 11(1)(a) of the Act. It may be noted that the assessee made similar claim in the assessment years 1958-59 to 1961-62 under section 4(3)(i) of the Indian Income-tax Act, 1922. Regarding the assessee's claims in the aforesaid years the Supreme Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wise, it will lead to a self-contradictory situation because the reason for including the object of general public utility as a charitable purpose was that it was not a charitable purpose with a blanket cover for any object of general public utility but with the severe limitation that the advancement of an object of general public utility would not involve the carrying on of any activity for profit or else it would not be a charitable purpose within the meaning of section 2(15) of the Income-tax Act, 1961. That, in our view, is the true import, meaning and significance of this new definition with the expression ' the advancement of any other object of general public utility not involving the carrying on of any activity for profit '. In othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the claim of exemption was not made on the basis of section 10(24) of the 1961 Act at any stage by the assessee and it is only after the said decision of the Supreme Court, it has now been contended by the assessee for the first time that it is entitled to be exempted under section 10(24) of the 1961 Act. In our opinion, this is a new point and it was neither urged nor considered at any stage before the revenue authorities and, therefore, it is not open to the assessee to raise this point at this stage. This point would also involve consideration of fresh facts which cannot be allowed at this stage. Further, the question referred to by the Tribunal as set out earlier will show that in this reference we are only concerned with the quest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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