COMMISSIONER OF WEALTH TAX Vs. HARBANSLAL CHARITY TRUST

JUDGEMENT

(1.) THE order dt. 26th Nov.,1990 is recalled. these five applications under S. 27(3) of the WT Act, 1957 relate to asst. yrs. 1978-79, 1979-80, 1980-81, 1981-82 and 1982-83. The common question of law on which reference has been sought for is as follows:

(2.) IT appears that similar question the interpretation of the corresponding section of IT Act, 1961 came up for consideration before this Court in IT Ref. No. 156 of 1985 where the judgment was delivered on 2nd March, 1990. Following the decision in CIT vs. Birla Charity Trust reported in (1989) 178 ITR 150 (Cal) this Court answered in the affirmative holding that the provisions of S. 13 (1)(c) read with S. 13(2)(h) of the IT Act did not apply in respect of the shares received by the assessee as donations to corpus and consequently, the dividend income from the aforesaid shares was entitled to exemption under S. 11 of the IT Act. The question in the wealth-tax matters has arisen on the interpretation of corresponding sections of WT Act, 1957.

(3.) IN that view of the matter rules are discharged, applications are dismissed.