COMMISSIONER OF GIFT TAX I Vs. SAKTHI CHARITIES

JUDGEMENT

(1.) THIS appeal is directed against the order of the Income Tax Appellate tribunal dated 8. 4. 2005 made in I. T. A. No. 4/mds/98 for the assessment year 1985-86 raising the following substantial question of law:

(2.) THE brief facts of the case are as follows:

(3.) IN this regard, it is apt to refer the decision of the Apex Court in the case of CIT V. Kamala Town Trust reported in 217 ITR 699, where under the Apex Court has held that since the decree was passed by the Civil Court permitting rectification of the trust deed, the same would have only prospective operation and would not affect the assessment year in question of the charitable trust and the income of the trust was not entitled to exemption under Sections 11 and 12 of the Income Tax Act for the assessment years prior to the date of the decree.