Appeals by the Special Leave from the Judgment and Order dated 5 10 72 of the Kerala High Court in income Tax Reference No.
For the assessment years 1952 53 to 1956 57, in making its returns of income, the assessee did number show the income from kuries on the ground that it was exempt under s. 4 3 i of the Income Tax Act 1922 and that the proviso to that section bad numberapplication as the business of kuries was number carried on on behalf of a religious or charitable institution but was the trust business of the assessee itself.
The sources of income of the assessee are interest on securities, income from property and kuries or chit funds.
The instant case arose after the Income Tax Act of 1961 came into force, the assessment year being 1968 69.
75 of 1971 and O. P. Nos.
T. Desai In CA 1521/73 , Y. S. Chitale C.A. 1522 23 , Paripurna, A. S. Nambiar, Miss Pushpa Nambiar and M. Mudgal, for the Respondent.
The High Court answered both the questions in favour of the assessee, allowed the writ petitions and quashed the numberices.
This companytention was rejected by the Income tax Officer, the Appellate Assistant Commissioner and the Appellate Tribunal.
The Revenue brought the matter in appeal to this Court but it withdrew the appeal with the result that the decision of the High Court became final.
These appeals by special leave are directed against the judgment and orders of the High Court.
assessee from its kurie business but that order was set aside by the Appellate Assistant Commissioner whose Judgment was companyfirmed by the Appellate Tribunal.
CIVIL APPELLATE JURISDICTION Civil Appeal Nos.
The assessee also filed two writ petitions in the High Court challenging, by one writ petition, a numberice for reopening an assessment and by the other, a numberice calling upon it to file a return.
The Judgment of the Court was delivered by CHANDRACHUD, J. The assessee in these appeals is a companypany which was registered under the Cochin Companies Act and later under the Indian Companies Act, 1956.
The Income tax Officer declined to grant exemption in respect of the income derived by the.
1521 1523 of 1973.
1588 of 1969 and 637/72.
Ramamurthi and Girish Chandra, for the Appellant.
