9911796707
TMI Blog2000 (9) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Act, 1961 (for short the "Act"), by the Income-tax Appellate Tribunal, Delhi Bench "C" (in short the "Tribunal"), for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in deleting from the income of company for the assessment year 1970-71, the property income of Rs. 60,185 in respect of the property situated at No. 8/37, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , towards the purchase of land, the erection of the college building, equipment, etc., and had also been meeting a part of the maintenance expenses of the college. As the Sabha was finding it difficult to meet the recurring expenditure of the college and also pay some outstanding bills towards construction of the college building, it approached the assessee through its chairman, Shri A. R. Chadha, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed in the said letter to have an appropriate resolution adopted by the board of, directors to give effect to such suggestions and send a copy thereof to the sabha. An extraordinary general meeting of the shareholders of the company was held and on June 25, 1968, certain resolutions were adopted. Subsequently, on June 29, 1968, another such meeting was held and the earlier resolution was supp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingly, the Appellate Assistant Commissioner (in short the "AAC"), held that the income in question was not to be included in the assessee's total income. The Revenue preferred an appeal before the Tribunal. On consideration of the background facts, the Tribunal confirmed the conclusions of the Appellate Assistant Commissioner. On being moved, reference has been made as aforesaid. We have heard ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
