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2016 (5) TMI 1166 - HC - Income TaxExemption under section 11 - capital expenditure incurred by the assessee on objects of general public utility - Held that:- Apex Court in S.RM.M.CT.M. Tiruppani Trust's case (1998 (2) TMI 3 - SUPREME Court ) had held that the amounts spent on acquiring capital assets for the trust were exempt. In the present case, the town development expenditure of ₹ 3,79,192/- and expenditure against works of ₹ 8,76,538/- was incurred by the Improvement Trust under the statutory scheme as envisaged in Punjab Town Improvement Trust Act, 1922 and, therefore, would be entitled to exemption. Learned counsel for the respondent-revenue has not been able to dispute the settled legal position and also the factual matrix noticed hereinbefore. Accordingly, the substantial question of law is answered in favour of the assessee and against the revenue
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