DHARMODAYAM COMPANY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a reference by the Income Tax Appellate Tribunal, Madras Bench 'A', under S.66(1) of the Indian Income Tax Act, 1922. The question referred is:

(2.) The assessee is the Dharmodayam Company, Trichur, a company registered under the Cochin Companies Regulation. The licence granted to the company on 21-1-1919 under S.32 of that Regulation -- the section corresponds to S.32 of the Companies Act, 1956 - is in the following terms:

(3.) That the assessee is a trust is not disputed. The Income Tax Officer was also of the view that the trust was of a charitable character. He said: