2006 (3) TMI 126

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..... clearly recorded a finding that the accumulated amount had been spent by the assessee for purchase of land for setting up a school. The Tribunal has, in this connection, referred to the payment of earnest money of ₹ 1 lakh by a bank draft on March 27, 1997, and the purchase of the property in May 1997, in terms of a conveyance deed which was placed on record. The Tribunal has on that finding .....

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..... income sought to be accumulated was the same. The assessee has in fact finalised the purchase of the land in March 1997, itself and as shown by the clarificatory resolution an earnest money of ₹ 1 lakh was paid by demand draft on March 27, 1997, itself which is within the relevant accounting year. The land was actually purchased in May 1997 (copies of the conveyance deed filed). This fact al .....

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