ASSTT. COMMNR., INCOME TAX, SURAT vs SURAT CITY GYMKHANA

The Supreme Court dismissed the appeals filed by the Revenue against the High Court's decision regarding the exemption claimed under Section 10(23) of the Income-tax Act, 1961. The Court held that the Income Tax Appellate Tribunal's ruling, which found the Trust's objects to be of 'General Public Utility' under Section 2(15), was supported by the precedent set in Hiralal Bhagwati v. Commissioner of Income-Tax. Consequently, the appeals were dismissed as the Revenue did not challenge the correctness of the earlier judgment, rendering both questions raised moot.