COMMISSIONER OF INCOME TAX Vs. DHANNALAL DEVILAL

JUDGEMENT

(1.) THIS is a reference by the Appellate Tribunal under the Income-tax Act.

(2.) THE following question has been referred to this Court for answer :

(3.) THE view that we are taking is further confirmed by the provision of the First Schedule to the Finance Act of 1955 dealing with the question of exemption. In the Finance Act of 1955, the words used are: