The Director Of Income-Tax v. M/S.yash Society Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.179 OF 2001 The Director of Income-tax ..Appellant Versus M/s.Yash Society Mumbai ..Respondent ---- Mr.P.S.Sahadevan for the appellant. Mr.P.R.Toprani for the respondent. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Date : 4.2.2008 PC 1. The question of law as framed in the memo of appeal is as under :- (a) Whether, on the facts and in the circumstances of the case, and in law, the Tribunal was justified in confirming the order of the Commissioner of Income Tax (Appeals) and holding that the entire income of the assessee trust is exempt under Section 10(22A) of the Income Tax Act, 1961 even though the income of the assessee was from interest and dividend and the assessee itself was not carrying on any charitable/philantropic activities within the meaning of Section 10(22A) read with Section 2(15) of the Income Tax Act, : 2 : 1961 ? 2. The Tribunal concurred with the findings recorded by CIT (Appeals) that there is no dispute as to the philanthropic activities of the institution. The Tribunal held that the income received for the purposes of medical objects, relief of sick rehabilities etc. if applied towards philanthropic objects and not for the purpose of profit, will be exempted. The contention of the revenue was that the income should accrue from the activities of the Trust. In our opinion, that is not the intent of the provision. 3. In our opinion, as there are the findings of fact that the income receipt has been expanded for philanthropic purposes, the questions of law as framed would not arise and consequently, appeal dismissed. (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J)