9911796707
TMI Blog2015 (7) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed. In doing so, the Assessing Officer is stated to have ignored and not abide by the binding judgment of the Honourable Supreme Court of India in the case of Escorts Limited v/s Union of India [1992 (10) TMI 1 - SUPREME Court ] The view taken by the Tribunal and consistent with that of the Commissioner of Income Tax (Appeals) has been approved by this Court in the case of Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessee filed its Return of Income on 29.10.2007 along with the income and expenditure account, balance sheet and audit report in Form No.10B declaring total deficit of ₹ 90,13,311/. The Assessee claimed to be a charitable trust and is administering and managing the educational institutions. It is granted such status under Section 12A of the Income Tax Act, 1961. 4 During the course o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act, 1961. 6 What we find is that the view taken by the Tribunal and consistent with that of the Commissioner of Income Tax (Appeals) has been approved by this Court in the case of Commissioner of Income Tax v/s Institute of Banking reported in (2003) 264 ITR 110 (Bom). 7 Dr.Shivram, learned Senior Counsel appearing for the Respondent/ Assessee, has placed before us a copy of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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