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2002 (10) TMI 26 - HC - Income Tax"(1) Whether, Tribunal was right in law in holding that the amount of Rs. 53,950 was utilised for charitable purposes when there is no application for accumulation of income or option exercised by the assessee? - (2) Whether, Tribunal was right in law in holding that the amount utilised for construction of hospital building after the close of the accounting year can be treated as application of income in the previous year relevant to the assessment year 1987-88? - (3) Whether, Tribunal was right in law in holding that the amount lying as advance with a sister concern of the assessee can be treated as not violating the provisions of section 13(1)(d) read with section 11(5) of the Act?" - The questions referred to us are answered in favour of the Revenue and against the assessee.
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