1999 (8) TMI 13

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..... ssioner of Income-tax, Central Circle-2, Jaipur, under section 260A of the Income-tax Act, 1961 (hereinafter to be called "the Act"), aggrieved by the order dated October 26, 1998, passed by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, in Income-tax Appeal No. 1189/JP of 1994, for the assessment year 1990-91, by which, the learned Income-tax Appellate Tribunal has held that Cosmopolita .....

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..... for the educational purposes of the society and that the funds were misutilised by the members of the society. The assessee filed the Income-tax Appeal No. 82 o f 1993-94, for the assessment year 1990-91. The appellate authority, i.e., the Commissioner of the Income-tax (Appeals), did not agree with the assessing authority and held that the assessee was entitled for exemption under section 10(22) .....

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..... has recorded a finding of fact ; it was not known that any part of the income of the assessee-society was misutilised. For so saying, the appellate authority referred to the balance-sheet. The appellate authority further noticed that the assessee-society is a registered society under the Rajasthan Societies Act and that it is also recognised by the CBSE ; if there was any misutilisation or mismana .....

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