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2009 (7) TMI 358 - ALLAHABAD HIGH COURT“Whether, Tribunal was justified in holding that the income of the assessee-trust is exempt on the interpretation of the provisions of sub-section (4A) of section 11 of the Income-tax Act, 1961 ?” - We may mention that the Revenue has not sought reference questioning the validity of the findings recorded by the Tribunal. As already stated herein above, the Tribunal has found that the activities of Educational Agency was carried out by the trust as clause 4 of the trust deed empowered the trust to start educational agencies for earning income to achieve aims and objects of the trust. The Tribunal has further found that the surplus was transferred to the trust and utilised in purchase of land and construction of building (sabha bhavan) - Thus, on the basis of finding recorded by the Tribunal we are of the considered opinion that sub-section (4A) of section 11 of the Act is not applicable in the present case. - We, therefore, answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue.
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