COMMISSIONER OF INCOME TAX MADRAS IN ALL APPEALS Vs. ANDHRA CHAMBER OF COMMERCE MADRAS IN ALL THE APPEALS

JUDGEMENT

(1.) THE following Judgment of the court was delivered by: -

(2.) THE Andhra Chamber of Commerce-hereinafter called the assessee's a Company incorporated under the Indian Companies Act 7 of 1913. THE assessee was permitted under S. 26 of the Act to omit the word 'Limited' from its name by order of the government of Madras.

(3.) THE assessee appealed to the Appellate Assistant Commissioner against all the orders of assessments. THE Appellate Assistant Commissioner held that the assessee not being a charitable institution the income in question was not exempt under s. 4(3) (i). He also rejected the alternative contention, for in his view, there was no specific profitmaking activity of the assessee the loss from which could be set off against its other income.