1983 (8) TMI 35

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....d by RAMANUJAM J.-The assessee, in this case, is a private limited company for the assessment year 1963-64, it was assessed on a total income of Rs. 70,404 and the tax payable thereon was determined as Rs. 24,641. The ITO noticed that after deducting the aforesaid amount of tax, the surplus left with the assessee-company was Rs. 45,763 and that the sum of Rs. 31,250, being the dividends actuall....

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....7, levied penal super tax of Rs. 7,257. Aggrieved by the said order, the assessee preferred an appeal to the AAC reiterating the same contentions as were urged before the ITO. The AAC, however, rejected the assessee's contentions. Thereupon, the assessee preferred an appeal to the Income-tax Appellate Tribunal. The Tribunal taking note of its earlier order dated February 8, 1972, wherein the sa....

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....s accumulated income under s. 11(2) of the I.T. Act for the assessment years 1963-64 to 1965-66, in support of its view that no order under s. 104 of the Act could be made against the assessee. It is seen that the said order of the Tribunal dated February 8, 1972, was the subject-matter of a reference in this court in T.Cs. Nos. 211 and 262 of 1975 [CIT v. S.R.M.C.T.M. Tiruppani Trust [1984] 150 I....

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....the accumulated income under s. 11(2) of the Act is based on the assumption that the assessee is a charitable institution as contemplated by s.11 (1) of the Act. Therefore, the earlier decision of the Tribunal and of this court holding that the trust is entitled to exemption under s. 11(2) of the Act in respect of the accumulated income can be taken as decision that the trust is a charitable insti....