AI Structured Summary
Not yet generated for this judgment
Judgment
Arijit Pasayat, CJx.
At the instance of the revenue, the following question has been referred for opinion of this court by the Tribunal, Delhi Bench U, u/s 256(1) of the Income Tax Act, 1961 (hereinafter referred to as the Act):
"Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the provisions of section 13(2)(h) of the Income Tax Act, 1961 are not applicable to the present case and thereby exempting the assessed from tax u/s 11 of the Income Tax Act, 1961 ?"
The dispute relates to the assessment year 1975-76. An identical question came up for consideration in the assessed''s own case in IT Reference Nos. 334 of 1978 and 97 of 1980 for the assessment years 197374 and 1974-75. By judgment dated 16-2-2001 the question was answered in favor of the assessed and against the revenue. That being the position, we answer the question referred in the affirmative, in favor of the assessed and against the revenue.
The reference stands disposed of.