1990 (9) TMI 61 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee in a case involving a charitable trust's tax exemption status and capital gains tax on land sale. The trust was deemed a public charitable and religious trust, exempt from tax under section 11 of the Income-tax Act, 1961. The court also upheld the Tribunal's decision that no capital gains tax could be levied on the difference between the fair market value of the land and the sale price.