UMAID CHARITABLE TRUST Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this order we propose to dispose of two Income-tax References Nos. 14 of 1975 and 29 of 1976 as well as four applications under Section 256(2) of the I.T. Act, 1961 (hereinafter referred to as "the Act"). Both the references have been made by the Income-tax Appellate Tribunal, Jaipur Bench, at the request of the assessee, Umaid Charitable Trust, Pali-Marwar. Reference No. 14 of 1975 pertains to the assessment years 1967-68, 1968-69 and 1969-70 and Reference No. 29 of 1976 is with regard to the assessment year 1970-71. The question of law referred to us in Reference No. 14 of 1975 reads thus :

(2.) THE question referred in Reference No. 29 of 1976 is also the same except that the year of assessment is different, viz., the assessment year 1970-71. For all the four assessment years, viz., 1967-68, 1968-69, 1969-70 and 1970-71, the assessee, Umaid Charitable Trust, Pali-Marwar has also submitted applications under Section 256(2) of the Act, which have been registered as Income-tax Cases Nos. 211/1975, 212/1975, 213/1975 and 232 of 1976, respectively, and it has been prayed that the Tribunal may be directed to refer one more question of law to this court. THE question proposed in these cases is as follows :

(3.) IN Surat Art Silk Cloth Manufacturers Association [1980] 121 ITR 1 (SC) Bhagwati J., representing the majority view of four judges (Sen J., dissenting), observed as follows (pp. 13, 17, 25):