Supreme Court of India
Commissioner of Income Tax-ii v. M/s. Krishi Utpadan Mandi Samiti
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What the Court ordered
We hold that the transfer of the amounts by Mandi Samiti constituted application of income under Section 11 (1 )(a) of 1961 Act.
Judgment, page 11
From the headnote
Income Tax Act, 1961: ss.11(1)(a) and 2(15) - Assessee-Market Committee established under State Krishi Utpadan Mandi Adhiniyam and registered uls. 12AA of 1961 Act - Statutorily required to transfer its funds to Mandi Parishad (another institution established under the Adhiniyam) - Transfer of the funds 0 whether would constitute application of income for charitable purpose within meaning of s. 11 (1 )(a) - Held: The Adhiniyam was enacted for advancement of the object of general public utility in terms of s. 2(15) of 1961 Act - The transfer by the assessee would constitute application of its
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