Law:

Section:

Section 11, read with section 256 of the Income-tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under - Whether question as to whether Tribunal was right in holding that income received by assessee by way of subscription from its members was not assessable to income-tax by virtue of section 11 was a statable question of law as it involved interpretation of section 11 - Held, yes FACTS The Tribunal held that the income received by the assessee by way of subscription from its members was not assessable to income-tax by virtue of section 11. On reference : HELD The question as to whether the Tribunal was justified in holding that the income received by the assessee by way of subscription from its members was not assessable to income-tax by virtue of section 11 was a question of law as it involved…

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