1985 (3) TMI 19 - HC - Income Tax

Summary

The High Court of Delhi dismissed the reference petition under section 256(2) of the Income-tax Act, stating that the assessee, Shri Ram Education Foundation, is not a charitable institution as it runs an activity for profit. The trust deed specified that income should be used for charitable purposes, not for profit. The court referred to a Supreme Court judgment and upheld the Tribunal's decision.