S.K. Desai, J.@mdashThe assessee concerned in this reference is the Film Federation of India, Bombay. The reference is at the instance of the Revenue and the following question stands referred to us by the Income Tax Appellate Tribunal :
"Whether, on the facts and in the circumstances of the case, the following incomes were exempt from tax u/s 11(1)(a) of the Income Tax Act, 1961 :
(1) Subscriptions from members;
(2) Interest on securities;
(3) Interest on deposits;
(4) Interest on savings bank account;
(5) Interest on debentures ?"
2. As far as subscriptions from members are concerned, we have been referred to the decision given by a Division Bench of this High Court in Income Tax Reference No. 38 of 1972, CIT v. Film Federation of India, decided on September 9, 1981, where this very assessee was concerned. In that reference, the question referred to the Bench was whether the subscriptions received by the assessee-company for the three years under consideration were liable to tax. On considering the nature of activities carried on by the assessee and applying the earlier decisions of the Supreme Court and of this High Court, the question was answered in the negative and in favour of the assessee.
3. One of the decisions referred to in the aforesaid decision was
4. In our opinion, no elaborate discussion is required to answer the question referred to us in this reference. The nature of the assessee has already been considered by us and, in our opinion, the several categories of income indicated in the question will not attract Income Tax Accordingly the question referred to us is answered in the affirmative and in favour of the assessee.
5. The parties will, however, bear their own costs of the reference.
