9911796707
TMI Blog1968 (10) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Act, 1922 as directed by this court on the application of the Commissioner of Income-tax, Kerala. The question referred is : " Whether the Income-tax Appellate Tribunal erred in holding that 1/8 of the income from properties described in schedules B and C was exempt from liability to pay income-tax under section 4(3)(i) of the Indian Income-tax Act, 1922 ? " The assessee is the managing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parts remaining to be dealt with, half of one of these 3 parts should be utilised on the indigent members of the Kutchi Memon Community and the widows of such indigent members for giving them food, clothing, etc., imparting religious instruction to poor children and also other general education, contributing for the marriage of poor girls, etc. The remaining half of the said one part should be add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the income from Band C schedule properties dealt with in clause (13-b) and directed to be added on and utilised for acquisition of new properties as described in paragraph (13-a). With reference to this one-eighth part of income, it is also provided in paragraph (13-b) that if there are poor members among the descendants of the executor suffering on account of financial distress, the said one- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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