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Commissioner of Income Tax Versus The Grain Merchants' Association of Bombay

1938 (3) TMI 19 - BOMBAY HIGH COURT

Dated:- 23-3-1938 - J.W.F. BEAUMONT, AND KANIA, JJ. JUDGMENT Beaumont, CJ. This is a reference by the Commissioner of Income-tax under Sec. 66(2) of the Indian Income-tax Act raising a point of no great difficulty. The assessees are the Grain Merchan .....

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assessee Association say that they are not liable since they fall within the exemption contained in Sec. 4(3) of the Act. That section provides that tax is not payable in respect of any income derived from property held under trust or other legal ob .....

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of general public utility. The assessees have passed a resolution, in point of fact after the date of the order of assessment, though we are told, that it only declares what was their previous custom, which provides that the income which is now in qu .....

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