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2003 (2) TMI 36 - HC - Income Tax"1. Whether, Tribunal is justified in holding that the assessee is an institution which satisfied the conditions of section 2(15), read with section 11? - 2. Whether, Tribunal is justified in holding that the assessee derived income from property held in trust and even if it is not to be treated as property held under trust, it can only be treated as property held under trust as voluntary contribution given by Hyderabad Race Club? - 3. Whether, Tribunal is justified in holding that the activity carried on by the assessee did not constitute a business and even if it were business, it was not such business as would be hit by section 13(1)(bb) of the Act?" - questions are answered in favour of the assessee and against the Revenue.
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