COMMISSIONER OF INCOME TAX Vs. PANCHAYATI AKHARA NIRMAL

JUDGEMENT

(1.) Under Section 256(1) of the Income-tax Act, 1961, the Appellate Tribunal has referred the following question for our opinion :

(2.) The reference has been made at the instance of the Revenue. The assessment years concerned herein are 1971-72 and 1972-73.

(3.) The assessee is a trust assessed as an association of persons. It derives income from agricultural land, donations and offerings, house property, interest on securities, bank interest and ground rent. The accounting year is the financial year. The assessee-trust was created in the year 1925.