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1938 (3) TMI 19 - BOMBAY HIGH COURT

1938 (3) TMI 19 - BOMBAY HIGH COURT - [1938] 6 ITR 427 (BOM.) - 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 Merchants' Association of Bombay and they had put in their return declaring a deficit of ₹ 1,819. Their income, material for the present purpose, consists of interest earned on invest .....

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cation, medical relief, and the advancement of any other object 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 question will be spent as per the resolutions of the committee of the Association passed from time to time on matters of commercial and other small as well as big works of public utility. .....

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