2002 (1) TMI 1291

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....Tribunal has referred the following question for the opinion of this Court : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the assessee was entitled to claim exemption of its income under section 11 of the Income-tax Act, 1961 ?" This question has been raised by the revenue in respect of the assessment years 197....

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....epted by the Tribunal. Hence, the present reference. 4. We have heard Mr. Sawhney. He contends that the income derived by the assessee was not being utilised for any charitable purpose. Thus, exemption under section 11 could not have been granted. 5. A perusal of the order of assessment shows that the exemption has been denied to the assessee only on the ground that a charitable trust could ....