Supreme Court of India
C.I.T. Bombay v. Bar Council of Maharashtrabar Council of Indiabar Council O
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that the High Court was right in answering the question in the affirmative and in favour of the assessee.
Judgment, page 8
From the headnote
The income derived by the Bar Council of Maharashtra from securities (interest) and other income by way of enrollment fees during the accounting periods relevant to the assessment years 1962-63,1963-64,1964-65 was subjected to tax by the Income Tax Officer. Since the Central Government had accorded approval to the assessee for the purpose of section 10(23A) during the pendency of the appeal before the Tribunal by a notification dated August 5, 1966 with effect from December 28,1961, the Tribunal held that the assessee Council was entitled to exemption under section 10(23A) in respect of its…
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