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1981 (3) TMI 23 - CALCUTTA HIGH COURT
Extract:
....... tax. The Tribunal also held that if such receipts, for argument s sake, be held to be of income character, they were exempt from tax under s. 12 of the I.T. Act, 1961. In view of the foregoing findings, we answer both the questions in the affirmative and in favour of the assessee. There will be no order as to costs. SABYASACHI MUKHARJI J.-I agree.