2013 (10) TMI 1224

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..... der section 260A of the Income-tax Act, 1961 (for short, "the Act"), is against the order dated March 14, 2012, in respect of the assessment year 2004-05. The assessee has claimed the following substantial questions of law :    "(i) Whether the Income-tax Appellate Tribunal is justified in not setting aside the order under section 263 of the Income-tax Act, 1961, dated March 27, 2009, p .....

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..... echnical educational trust. The assessment proceedings in respect of the assessee was finalised by the Assessing Officer on December 26, 2006, at nil income. The Assessing Officer found that the assessee has incurred more than 85 percent of the expenditure during the year in question and, therefore, allowed the exemption under section 11 and section 12A of the Act. However, the Commissioner of Inc .....

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..... nd that towards development fund, each student was to contribute a sum of Rs. 600 per annum. It was found that such receipt is income of the trust and not exempted under section 11 of the Act. Similarly, the discrepancies were found on account of depreciation, repayment of term loan. Such order has been affirmed in appeal by the Tribunal. Learned counsel for the appellant has argued that even if .....

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