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TMI Blog2011 (8) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... ng following question of law for consideration of this Court. Whether the Appellate Tribunal is right in law and on facts in deleting the disallowance for ₹ 71,87,33,566/- being Water Front Royalty Charges paid to the State Government being the founder of the trust? 2. The assessee Board is engaged in the activity of administering, controlling and managing minor ports in the St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal before CIT(Appeals) which deleted the addition on the ground that the assessee is the statutory body created by the Legislature and there is no person, who can be named as founder,author or settler as also relying on the Tribunal's earlier decision where it held that the provision of Section 13(3) of the Act is not applicable in the assessee's case since there was no benefit accrui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ially from the business held under the Trust for the development of minor ports for the State of Gujarat. 5. The Tribunal, with regard to the question under consideration, has noted the findings of CIT(Appeals) that the assessee came into existence by an Act of the Legislature . There is no person who can be named as founder,author or settler. Since no individual is a founder,author or sett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was no founder and the assessee respondent has been created by the Legislature and being a statutory body, the provisions of Section 13(3) of the Act would not be attracted in the case of the assessee respondent. 6. This Court also finds, by closely looking at the provisions of the Income Tax Act, that the provisions of Section 13(3) of the Act in the case of the assessee is not applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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