9911796707
TMI Blog2015 (8) TMI 1553X X X X Extracts X X X X X X X X Extracts X X X X ..... during so called charitable purpose period may be utilized for the purpose of the business - On page 5 of the assessment order, there is a chart of the income of the assessee from various sources and as per the same, Realisation from allotted properties is only Rs. 480.45 lacs and interest income is of Rs. 458.24 Lacs plus Rs. 232.25 lacs and Other receipts Rs. 665.62 lacs. In this manner, as against Realisation from allotted properties of only Rs. 480.45 lacs, interest income and Other receipts is Rs. 1356.11 Lacs. In view of these facts, the A.O. came to the conclusion that the receipts of the assessee are commercial in nature. Under these facts, in our considered opinion, the judgment of Hon ble Allahabad High Court rendered in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3/- to the assessee. 3. Whether on the facts and circumstances of the case and in law, the Ld. CIT (A) was justified in not accepting the stand of the Revenue that the assessee is carrying on the activities of trade, commerce and business and is as such hit by the provisions to section 2 (15) of the Act." 3. Learned DR of the revenue supported the assessment order and drawn our attention to the provisions of section 11 (4) and 11 (4A) of the Act. Learned AR of the assessee supported the order of CIT (A). He also placed reliance on the judgment of Hon'ble Allahabad High Court rendered in the case of CIT vs. Lucknow Development Authority as reported in 265 CTR 433. 4. We have considered the rival submissions. We find that in the case of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the receipts of the assessee are commercial in nature. Under these facts, in our considered opinion, the judgment of Hon'ble Allahabad High Court rendered in the case of CIT vs. Lucknow Development Authority (Supra) cannot be made applicable in the facts of the present case. Learned CIT (A) has simply followed this judgment without examining this aspect that the facts in the present case are tallying or not with the facts in the case of CIT vs. Lucknow Development Authority (Supra). Therefore, we feel it proper that this issue should go back to CIT (A) for a fresh decision after examining this aspect that the facts in the present case are tallying with the facts in the case of CIT vs. Lucknow Development Authority (Supra) or not. We, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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