- (1.) Leave granted.
(2.) The respondent assessee was denied exemption under Sections 11 and 12 of the Income Tax Act, 1961 , and the entire receipt of rupees thirty lakhs in its hands was treated as income. The assessing officer was of the view that the amount of rupees thirty lakhs received from Dubai was in violation of the Foreign Contribution (Regulation) Act, 1976. The Commissioner (Appeals), setting aside the order of the assessing officer, came to the conclusion that the assessee is entitled to exemption. The Income Tax Appellate Tribunal has affirmed the order of the Commissioner (Appeals).
(3.) The appeal filed by the appellant under sec. 260-A of the Income Tax Act, 1961, has been dismissed by the High Court observing that no substantial question of law arises in the appeal.;