1998 (4) TMI 82 - HC - Income Tax

Summary

The High Court of Madras ruled that the assessee was not entitled to exemption under section 11 of the Income-tax Act for income derived from chit funds as it did not align with the primary purpose of the trust. The judgment upheld the decision of the Income-tax Appellate Tribunal for the assessment years 1978-79 and 1980-81.