Income Tax Appellate Tribunal Itat Ahmedabad Court June 1990 Judgments Home Cases Income Tax Appellate Tribunal Itat Ahmedabad 1990 Page 1 of about 1 results (0.025 seconds)

Stock Exchange Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)74ITD1(Ahd.)

1. These seven appeals filed by the assessee relate to assessment years 1989-90 to 1995-96. The central issue involved in these appeals is regarding claim of exemption under Section 11 of the Income-tax Act, 1961. The claim of exemption has been rejected by the tax authorities against which the assessee being aggrieved has filed these appeals.2. On behalf of the assessee Shri S.N. Soparkar, the learned counsel for the assessee, attended along with Shri M.G. Patel. Written submissions along with paper books in two volumes have been filed. On behalf of the Department Shri Dilip Shivpuri, Senior Departmental Representative argued the matter.3. At the outset it would be useful to set out the relevant facts in brief. The assessee is an unregistered association of members who are stock brokers engaged in the business of buying and selling of shares and securities for and on behalf of their customers.4. The assessee-trust has been constituted as a public charitable trust under a deed of trus...