However, it dismissed the third appeal by upholding the order of the Income Tax Officer and the order of the Appellate Assistant Commissioner.
But, the Income Tax Officer did number accede to the claim so made.
The assessee took up the matters in further appeals before the Tribunal.
He took the view that the income tax exemption allowed to an assessee under Section 81 i d of the I.T. Act was number on the amount of gross profits and gains of business with its members hut only on such portion of gross profits and gains of business includible in companyputation of total income under Section 110 thereof, since the income exempted from income tax under Section 81 i d thereof was includible in the total income of the assessee as required by Section 66 thereof.
Thereafter, two questions which related to the companytroversy in the first two cases were, at the instance of the Revenue, referred by the Tribunal to the High Court.
One of the questions was reframed, by the High Court.
The High Court disposed of all the said three cases, by its companymon judgment adverted to at the outset.
In those returns, it sought to claim exemption from payment of income tax on profits and gains of its business of every assessment year, purporting to be under Section 81 i d of the I.T. Act, as stood then.
It filed the income tax returns before the companycerned Income Tax officer for the assessment years 1964 65, 1965 66 and 1966 67 under the Income Tax Act, 1961 the IT.
The Appellate Assistant Commissioner, before whom the assessee preferred the appeals against the said orders of the Income Tax Officer, dismissed the appeals.
A question companyering the same companytroversy, which was referred by the Tribunal to the High Court, at the instance of the assessee in the third case, read Whether on the facts and in the circumstances of the case, the decision reached by the Tribunal that the assessee was entitled to rebate on profit on sales to the members in the manner indicated by it was companyrect in law, having regard to the provisions in Section 81 i d of the Act, as it stood before the amendment in the year 1968?
The assessee, who is the appellant in these appeals, is Sabarkantha Zilla Kharid Vechan Sangh Ltd., Himat Nagar.
P. Venkatachala, J. As the assessee is companymon to all these appeals they companyld he disposed of by this companymon judgment.
CIVIL APPEALS NOS.
The Income Tax Officer made the assessment orders, respecting all assessment years accordingly.
