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Section 11(1)(a) of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under - Whether incomes of assessee by way of subscriptions from its members as also interest on securities, deposits, etc., were exempt from tax under section 11(1)(a) - Held, yes FACTS The Tribunal held that subscriptions from members as well as Interest received by the assessee on securities, deposits, etc., were exempt from tax under section 11(1)(a). On reference: HELD Following the ratio of decisions in the case of this very assessee in respect of three earlier years, as well as in the case of Bar Council of Maharashtra v. CIT [1980] 126 ITR 27(Bom.), the nature of the assessee having already been considered, the several categories of income as aforesaid would not attract income-tax. CASE REVIEW Bar Council of Maharashtra v. CIT [1980] 126 ITR 27 (Bom.)followed and relied upon. CASES REFERRED TO CIT v. Film Federation of India [IT Reference No. 38 of 1972, dated 9-9-1981] and Bar Council of Maharashtra v. CIT [1980] 126 ITR 27 (Bom.). G.S. Jetley and Mrs. Manjula Singh for the Applicant. R.M. Parikh for the Respondent. JUDGMENT Desai, J. -The assessee concerned in this reference is Film Federation of India, Bombay. The reference is at the instance of the revenue and the following question stands referred to us by the Tribunal: "Whether, on the facts and in the circumstances of the case, the following incomes were exempt from tax under section 11(1)(a) of the Income-tax Act, 1961: (1) Subscriptions from members (2) Interest on securities (3) Interest on deposits (4) Interest on Savings Bank Account (5) Interest on debentures." 2. As far as subscriptions from members are concerned, we have been referred to the decision…

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