1987 (2) TMI 10

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.... of this court in O.P. Nos. 3435, 3436 and 3466 of l977, the Income-tax Appellate Tribunal, Cochin Bench, has referred to us the following questions: " 1. Whether, on the facts and in the circumstances of the case, one-fourth of the income set apart for augmenting the trust properties of the assessee is entitled to exemption under section 11 of the Incometax Act, 1961 ? 2. Whether, on the fa....

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....venue and against the assessee. We do so. As regards question No. 1, it has to be stated that on the facts stated by the assessee, it is clear that one-fourth of the income set apart for augmenting the trust properties did not attract the provisions of section 11(2) of the Income-tax Act, 1961, because that money was invested for acquisition and construction of properties and buildings and not ....