Law:

Section:

Section 11 of the Income-tax Act, 1961, read with sections 22, 23, 28 and 50 of the Road Transport Corporation Act, 1950 - Charitable or religious trust - Exemption of income from property held under - Assessment year 1962-63 - Respondent/assessee corporation was set up by State Government - Objects of assessee were to offer advantages to public, trade, industry by development of road transport, to co-ordinate with any other form of transport, to extend and improve facilities for road transport and to provide efficient and economical system of road transport service therein - No share capital had been raised and entire capital was provided by State Government - Corporation only was to pay interest on said capital - Net profits of corporation were to be utilized for providing amenities to passengers and welfare of labour and approved expansion programme and balance of income was to be made over to State Government for purpose of road development - Whether on facts, assessee-corporation was entitled to exemption under section 11 - Held, yes Section 11 of the Income-tax Act, 1961 [Corresponding to section 4(3)(i) of the Indian Income-tax Act, 1922] - Charitable or religious trust - Exemption of income from property held under assessment years 1960-61 and 1961-62 - Whether on facts stated under head 'Charitable or religious trust - Exemption of income from property held under, for assessee was also entitled to exemption under section 4(3)(i) of 1922 Act in respect of assessment years 1960-61 and 1961-62 - Held, yes FACTS The respondent was a road transport corporation established with effect from 11-1-1958 by a notification issued under section 3 of the 1950 Act. The objects for which the corporation was established by a State Government, as set out in section 3 of 1950 Act, were: (a) to offer advantages to the public, trade and industry by the development of road transport; (b) to co-ordinate any form of road transport with any other form of transport; and (c) to extend and improve the facilities for road transport in any area and to provide an efficient and economical system of road transport service therein. For the assessment years 1960-61 and 1961-62, it…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492