2006 (2) TMI 107

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....st the order of the Income-tax Appellate Tribunal dated April 8, 2005, made in I.T.A. No.4/ Mds/98 for the assessment year 1985-86 raising the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that, the assessee-trust was exempt under the provisions of section 45(e) of the Gift-tax Act....

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.... to move the civil court under section 92 of the Civil Procedure Code where the trust got a declaratory decree dated April 29, 1981, where under the said offending clauses were got deleted with effect from June 25, 1968. But still the Revenue did not grant exemption. Concededly, when the matter came up for consideration before this court for the assessment year 1976-77, this court also denied e....

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..... Hence, the assessee filed further appeal before the Income-tax Appellate Tribunal. Before the Tribunal also, the assessee referred to the decision of the apex court in the case of CIT v. Kamla Town Trust reported in [1996] 217 ITR 699. The Tribunal, following its own order in ITA Nos. 3838 and 3839/Mds/89, in the assessee's own case, allowed the appeal. Hence the present appeal by the Revenue. ....

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....5, followed the ratio laid down by the apex court in the case of CIT v. Kamla Town Trust reported in [1996] 217 ITR 699 and held that the assessee is entitled to claim exemption on the basis of the declaratory decree of the District Judge, Coimbatore, from the date of the decree. A reference was sought to be made to this court, but the Tribunal refused to refer the matter and by an independent ....