2006 (9) TMI 124

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..... case, the assessee is a co-operative house building society established with the specific objective of purchasing agricultural land for development as plots which then are allotted only to its own members. - CIT (Appeals) as well as ITAT concluded that the utilization of moneys received from members and kept in savings bank account is directly linked with the activity of purchasing agricultural la .....

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..... ssessee is a co-operative house building society established with the specific objective of purchasing agricultural land for development as plots which then are allotted only to its own members. The agreement between the Government of Haryana and the assessee stipulated, inter alia, that the society shall keep 30 per cent. of the amount realised by it from the plot holders from time to time in a d .....

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..... e members. Thus the moneys kept in the savings bank account have an inextricable link with the acquisition of land, a fact which the Income-tax Appellate Tribunal records, was not denied by the Revenue. The Commissioner of Income-tax (Appeals) as well as the Income-tax Appellate Tribunal have discussed Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) as well as CIT v .....

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