https://www.taxtmi.com/caselaws?id=25215 The High Court held that the capital gain arising from the sale of shares before January 1, 1971, was taxable, rejecting the claim of exemption under section 11 for a public charitable trust. The court emphasized that capital gains are included in income as per relevant sections, disagreeing with the Tribunal's interpretation. The issue of exemption for dividend income was not addressed as the Tribunal could not refer it due to the assessee not seeking reference. Ultimately, the court ruled against the assessee, stressing the need to adhere strictly to the questions raised in a reference application, with no costs awarded. en-us Wed, 28 Jan 1987 00:00:00 +0530 Wed, 27 Jan 2010 12:10:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25215 The High Court held that the capital gain arising from the sale of shares before January 1, 1971, was taxable, rejecting the claim of exemption under section 11 for a public charitable trust. The court emphasized that capital gains are included in income as per relevant sections, disagreeing with the Tribunal's interpretation. The issue of exemption for dividend income was not addressed as the Tribunal could not refer it due to the assessee not seeking reference. Ultimately, the court ruled against the assessee, stressing the need to adhere strictly to the questions raised in a reference application, with no costs awarded. Case-Laws Income Tax Wed, 28 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25215