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1972 (10) TMI 30 - HC - Income TaxCompany conducting kuries or chits - “1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the income derived by the assessee is exempt under section 11(1)(a) of the Income-tax Act. 1961? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that setting apart reserves under article 39 of the assessee's memorandum did not vitiate the charitable purpose of the institution? - writ petitions are allowed and the relevant notices sought to be quashed in the petitions are quashed
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