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Showing contexts for: charitable trust objects in Commissioner Of Income-Tax, ... vs Cutchi Memon Union on 10 August, 1984Matching Fragments
1. The common question referred in these references under s. 256(1) of the I.T. Act, 1961 (called "the Act"), is as follows :
"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the repayment of loans advanced by the assessee did not constitute the assessee's income liable to tax ?"
2. The assessee is a trust existing for charitable purpose. The objects of the trust are to help widows or persons whose financial condition is poor. In pursuance of these objects, the trust sometimes gives loans to needy persons without interest and those loans are subsequently repaid.