1978 (11) TMI 93

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....rust. 2. For the asst. yr. 1974-75, the assessee claimed that it was a public charitable trust and entitled to exemption in respect of its income. The ITO referred to various clauses of the trust deed dt. 9th April, 1973 and came to the conclusion that the trust was interested only in acquiring wealth and not in applying its funds for charitable purposes. He thus held that the assessee was not ....

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....vance about the computation of the income. On the other hand, it was pointed out on behalf of the Revenue that the assessee is not entitled to the exemption under s. 11 of the Act as held by the ITO. 5. On a careful consideration of the rival submissions, we are of the opinion that the assessee is entitled to succeed. The ITO appears to have been confused between the question whether the assess....

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....n the compliance of the assessee with the assessee with the conditions laid down is s. 11, 12 & 13 for the purpose of such exemptions. The ITO has not gone into those matters or decided whether the income was entitled to exemption. This may be because he had determined the income to be a loss and no demand was raised. In any event, the appeal which is only with regard to the status and we are not ....