2002 (8) TMI 844

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....ight in holding that the assessee charitable trust is not entitled to exemption under section 11 of the Income Tax Act, 1961, for the assessment years 1984-85 and 1985-86, because of the new sub-section (4A) introduced therein by the Finance Act, 1983, with effect from 1-4-1984. The assessment years are 1984-85 and 1985-86. 2. The assessee-trust while carrying on business in handicrafts transfe....

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....ssessing officer on the ground that the assessee did not satisfy the conditions laid down in section 11(4A) of the Act. Further appeal by the assessee to the Commissioner (Appeals) and thereafter to the Tribunal did not bear any fruit. 3. The Supreme Court in the case of Asstt. CIT v. Thanthi Trust Etc. Etc. (2001) 247 ITR 785 (SC) held that : 3. The Supreme Court in the case of Asstt. CIT v....

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....on, provided that separate books of accounts had been maintained in respect of such business." The court held in that case that the newspaper business carried on by the assessee did not fall within the sub-section (4A). It also held that, the trust is not only for public religious purpose so it does not fall within clause (a). It is a trust not an institution, so it does not fall within (b). It....