Jagannatha Shetty J.—The question referred for the opinion of this court under s. 256(1) of the I.T. Act, 1961 ("Act", called shortly) at the instance of the Revenue reads as follows :

"Whether, on the facts and in the circumstances of the case, the income of the assessee is exempt under section 10(22) of the Income Tax Act, 1961 ?"

2. The facts behind the legal formulation are not in dispute. They are found correctly stated in the statement of the case and may briefly be stated thus :

3. The Academy of General Education, Manipal (the "Academy") is the assessee in these cases. It is a society registered under the Societies Registration Act, 1860. The objects for which the academy was established are stated in the memorandum of association and they are :

"(a) To make available technical and commercial education in as many as 47 subjects;

(b) to devise ways and means and accord facilities for candidates to specialise in all or any of the above courses;

(c) to give training in technical, commercial or any other form of education, as may be adopted by the Academy from time to time in such a way as to enable candidates who find themselves stranded in life for want of or with the