TMI Blog2015 (1) TMI 1333X X X X Extracts X X X X X X X X Extracts X X X X ..... perty held under trust wholly for charitable or religious purpose shall not be included in the total income of the previous year of the person in receipt of the income. The Krishi Upaj Mandi Samiti being created under a statute is discharging public charitable functions from the date of its establishment and as such merely the fact of certification at a belated stage will not make it disentitled t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nkaj Gupta] for the respondent. BY THE COURT : (PER HON'BLE GOVIND MATHUR,J.) During the course of arguments learned counsel for the appellant pressed only one substantial question of law out of three questions framed and that reads as under:- Whether on the facts and in the present circumstances of the case, the Tribunal was justified in treating the assessee Samiti as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Income Tax Appellate Tribunal held that the Krishi Upaj Mandi Samiti is a public charitable institution and, therefore, it is entitled to have computation of income by application of the provisions of Section 11 throughout. The only argument advanced in the instant matter is that a certificate as per provisions of Section 12-A of the Act of 1961 in favour of the assessee was issued at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was created under the Rajasthan Agriculture Produce Market Act, 1961 with its statutory duties and liabilities, we are of the view that the Income Tax Appellate Tribunal was justified in holding that the Samiti is a charitable institution from inception and, thus, is entitled for getting its income computed by taking into consideration provisions of Section 11(1) of the Act of 1961, even for the y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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