1991 (2) TMI 5

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....s and interest from bank deposits in respect of which no activity for profit is carried on by the assessee-Chamber of Commerce are exempt under the provisions of section 11 of the Income-tax Act, 1961 ? 2. When no objection is raised by the assessing authority and the Appellate Assistant Commissioner that the assessee had not filed application in Form No. 10 for accumulation of income or that he had not applied for registration under section 12A of the Act, was the Appellate Tribunal justified in holding for the first time that the assessee had not filed such application or had not applied for such registration ? In 0. P. Nos. 534 and 577 of 1979 : Whether, on the facts and in the circumstances of the case, the income from interest....

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....fit is carried on by the assessee-Chamber are exempt under the provisions of section 11 of the Income-tax Act, 1961 ?" For the years 1973-74 and 1974-75, the following two questions have been referred for the decision of this court : 1. Whether, on the facts and in the circumstances of the case, the income from interest on Government securities, dividends from shares in companies and interest from bank deposits in respect of which no activity for profit is carried on by the assessee-Chamber of Commerce are exempt under the provisions of section 11 of the Income-tax Act, 1961 ? 2. When no objection is raised by the assessing authority and the Appellate Assistant Commissioner that the assessee had not filed application in Form No. 10....

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....ase [1975] 101 ITR 796 (SC), which, in effect, restored the earlier decision of this court in Cochin Chamber of Commerce and Industry's case [1973] 87 ITR 83. It is fairly clear, in the light of the Supreme Court decision in Surat Art Silk Cloth Manufacturers Association's case [1980] 121 ITR 1, that the assessee which is a public charitable trust is entitled to the exemption of its income under section 11 of the Act. Therefore, we answer the common question referred for all the five years in the affirmative, in favour of the assessee and against the Revenue. We hold that the applicant-assessee is entitled to exemption under section 11 of the Act regarding its income from interest on Government securities, dividends from shares in companies....