TMI Blog1999 (10) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the following questions for the opinion of this court : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the assessee-company was not, an authority as envisaged by section 10(20A) and was therefore not entitled to the exemption under clause (20A) of section 10 of the Incometax Act, 1961 ? 2. Whether, on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... senior advocate, learned counsel for the assessee, and Sri A. N. Mahajan, learned counsel for the respondent. The assessee-company was registered as a Government public company, as defined in section 617 of the Companies Act, 1956, for a large number of objects which are mentioned in clauses (1) to (42) of the memorandum of association, which includes objects like (a) modernisation, maintenance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h and satisfying the need for housing accommodation or for the purpose of planning, development or improvements of cities, towns and villages. It was a company registered under the general law relating to companies as contained in the Companies Act, 1956, and therefore, it could not be treated as an authority as contemplated by section 10(20A) of the Act. Therefore, we answer question No. 1, as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r expenses like those on salaries, rent, audit fee, etc., should also have been allowed as deduction. However, we find that the company's operations were wound up somewhere in January, 1977. Therefore, it would be a futile exercise to order a fresh enquiry into the allowable part of the expenditure. In view of the above circumstances and in view of the long lapse of time, we decline to answer ques ..... X X X X Extracts X X X X X X X X Extracts X X X X
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