1990 (7) TMI 102

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....Y C. J.-By this application, the Revenue is asking this court to refer the following questions under section 256(2) of the Income-tax Act : " 1. Whether the Appellate Tribunal was justified in holding that the income of the assessee association of persons was exempt from tax on the ground of mutuality despite the position that the provisions of section 10(24) of the Income-tax Act, 1961, were n....

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....yees of the assessee-association, namely, Sri D. C. Awasthi and Sri B. K. Garg, were attending to the taxation matters and other matters of individuals and Hindu undivided families belonging to the J. K. family who were not enlisted as members of the assessee-association of persons. Besides, the accountant of the assessee-association of persons, Sri S. S. Jain, was writing the books of account of ....

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....(Cal) ; and (iii) CIT v. Shree Jari Merchants Association [1977] 106 ITR 542 (Guj) ?" The main question that arose before the Tribunal was whether the assessee's income was exempt on the ground of mutuality. The Tribunal found that there was complete identity between the contributors and participators and, therefore, the principle of mutuality was applicable. In this case, it is contended....