1997 (8) TMI 20

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....e order of the Tribunal, the order being one relating to the assessment years 1981-82 and 1983-84 by which the assessee's claim for exemption under section 4(b) of the Tamil Nadu Agricultural Income-tax Act, was rejected by the Tribunal. The Tribunal held that it appeared to it that the properties are not held in trust by the assessee. That constituted the basis for rejecting the petitioner's clai....

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....r charities or religious purposes would be exempted to the same extent to which it is not included in the total income for the purposes of the Income-tax Act, 1961. Learned counsel for the assessee submitted that the assessee has all along been recognised as a trust for the purpose of assessment and the Tribunal for the first time, during the course of the arguments before it, called upon the a....

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....r). While the Tribunal is indeed the final court of facts, the findings recorded by it must rest on facts and not on mere suspicion or speculation. Moreover, the finding, if it can be regarded as such runs counter to what the State itself had pleaded before it, viz., that the assessee was a trust, which was the case of the assessee as well. The assessee's grievance that the question was raised wit....