LAWS(RAJ)-1984-12-20

COMMISSIONER OF INCOME TAX Vs. ADARSH GRAM TRUST

Decided On December 03, 1984
COMMISSIONER OF INCOME-TAX Appellant
V/S
ADARSH GRAM TRUST Respondents

JUDGEMENT

(1.) THIS reference has been made under Section 27(1) of the Wealth-tax Act, 1957, by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, by its order dated August 22, 1972, referring the following question of law arising out of its order dated January 29, 1972, to this court for its opinion :

(2.) THE facts which have given rise to the aforesaid reference, are as under :

(3.) THE assessee-trust filed an appeal before the Appellate Assistant Commissioner and raised two contentions. In the first place, it was submitted on behalf of the assessee that the trust was entitled to exemption under Section 5(1)(i) of the Wealth-tax Act. In the second place, it was contended on behalf of the assessee that if exemption was not granted, then the income-tax and wealth-tax dues of the assessee should be deducted in arriving at its net wealth.