27 April 2013
but i have found some cases on the web which shows that it is exempt u/s 10(16). case of CIT v. V.K. Balachandran [1984] 147 ITR 4/[1985] 23 Taxman 29 (Mad.) [Para 11], B.L. Garg [IT Appeal No. 185 (Delhi) of 1992] [Para 12], CIT v. M.N. Nad Karni [1986] 161 ITR 544/25 Taxman 9 (Bom.) [Para 12], Dr. V. Mahadev v. CIT [1990] 184 ITR 533/51 Taxman 411 (Mad.) [Para 13], CIT v. Raghu Sinha [2003] 263 ITR 378/130 Taxman 254 (Raj.) [Para 14], Karamchari Union, Agra v. Union of India [2000] 243 ITR 143/109 Taxman 1 (SC) [Para 14] and All India Defence Accounts Association v. Union of India [1989] 175 ITR 494/43 Taxman 216 (All.) [Para 14].
CAclubindia
