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TMI Blog2012 (3) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Appellant Authority has been created with the object of general public utility which is a charitable object within the meaning of Section 2(15) of the Income Tax Act, 1961. Ground No.2: On the facts and circumstances of the case and in law, the learned CIT (A) has grossly erred in holding that the Appellant Authority is a business entity earning profits and gains. Ground No.3: On the facts and circumstances of the case and in law, the learned CIT (A) has grossly erred in upholding the computation of income at ₹ 4,94,67,240/- by the A.O, by rejecting the principle of diversion of funds to the Infrastructure Development Fund by an over-riding title as per the express order of the State Government. 2. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ific percentage of its income to the Infrastructure Development Fund. Therefore at the time of receipt of income, there is statutory obligation attached to it to transfer specific percentage of that income to the reserve and only the balance amount is income in the hands of Authority. Though the funds continue to remain with the appellant, the same are administered strictly by following the instructions of State Government. 2.3 The receipts of the Appellant Authority are by way of Map fees, Supervision charges, Stacking Fees, Land Conversion Charges, Compounding etc. for which the State Govt. has authorized it by Special Act and the expenditure has to be done on the development of the area, provide basic facilities as water, Street light ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances are regarding the filing of the application for condonation of the delay to the CBDT under section 119 (2) of Income-tax Act which has been filed on 04.03.2011. The ITAT in assessee s own case in ITA Nos.2130/Del/2009 and 2131/Del/2009 has observed that the assessee is in process to take suitable steps in the matter with the CBDT for condonation of the delay and matter was restored to Assessing Officer to re-examine and decide afresh. Now, the assessee has already filed the application for condonation of delay u/s 119 (2) of the Income-tax Act on 04.03.2011. In the interest of justice and equity, we are inclined to agree with the prayer of the learned AR to restore the issue to the file of the Assessing Officer to be decided afr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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