The Trustees Of Vanita Vishram v. The Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO. 269 OF 1997 The Trustees of Vanita Vishram ..Applicant vs. The Commissioner of Income Tax ..Respondent Ms.Asifa Khana i/b Mr.S.M.Lala for applicant. Mr.R.A.Vaishampayan for respondent. P.C. P.C. P.C. 1. Heard the learned Counsel for the applicant and Mr.Vaishampayan, learned Counsel appearing for the respondent. Mr.Vaishampayan undertakes to file vakalatnama in the above reference within one week from today. Learned Counsel for the applicant points out that for the Assessment Year 1979-80 and 1980-81 on the very same question of law which has been involved in the present reference, this Court, in the matter of Trustees of Vanita Vishram Vs. Commissioner of Income Tax reported in (2006) 280 ITR 345 (Bom), has taken a view that there is no dispute about the fact that the assessee existed only for educational purposes, viz. for running schools and not for the purposes of making profit. The assessee was entitled to exemption under section 10(22) on interest earned on surplus funds of the schools run by the assessee trust. In view thereof the question referred in the above reference is answered in favour of the assessee and against the revenue. KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J