1988 (9) TMI 22

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Federation of India, Bombay. The reference is at the instance of the Revenue and the following question stands referred to us by the Income-tax Appellate Tribunal : "Whether, on the facts and in the circumstances of the case, the following incomes were exempt from tax under section 11(1)(a) of the Income-tax Act, 1961: (1) Subscriptions from members; (2) Interest on securities; (3) Interest on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... foresaid decision was Bar Council of Maharashtra v. CIT [1980] 126 ITR 27 (Bom). In this decision, income of various types was under consideration. The nature of the body, viz., the Bar Council, was first considered and ultimately it was held that the income of several distinct categories, some of which are indicated at page 28 of the Report, would all be exempt from liability to income-tax. In ou .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X