1986 (4) TMI 10

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..... e, Dr. P. R. Chakarvarty ([1987] 165 ITR 345). Both of them relate to the same period of assessment, namely, assessment years 1967-68 to 1971-72. The point of law referred in the statement of cases submitted to this court under section 256(1) of the Income-tax Act, 1961, is identical, namely, "whether, on the facts and in the circumstances of the case, the Incometax Appellate Tribunal were correc .....

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..... that the Tribunal was correct in law in holding that the receipts of pranamis were casual and non-recurring and exempt under section 10(3) of the Income-tax Act, 1961. The question is accordingly answered in the affirmative and in favour of the assessee and against the Revenue. However, in the peculiar circumstances of the case, the parties will bear their own costs.
Case laws, Decisions, Jud .....

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