2012 (2) TMI 325

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....tay Applicat ion dated 26.12.2011 wherein reasons for seeking stay have been assigned by the assessee. The relevant reasons are reproduced hereunder :   1. That the appellant is an Local Authority, has been carrying on the business of promote and secure better planning and development of any area of the State with the prior approval or on direction of the State Government , f or carrying out....

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....siness activity neither incur red f or earning income nor was it incurred in the area over which the assessee hasjurisdic t ion. The construction of the airport at Mohali does not have even a remote connect ion with the business activities of the assessee. 4. During the course of hearing, the appellant had filed explanat ions as under : "The assessee had paid Rs.60.00 crores as contribution f or....

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....ase where contribution has been made to a private fund/institution for the benefit of any individual . The Authority is constituted by State Government and our object is development and better planning and not to make prof it only. I t is a well set t led law that as long as payment made is not by way of penalty for infraction of any law. The expenditure is an allowable deduction. The very existen....

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....produced hereunder : " I , Jaswant Singh S/o Shri Mukand Singh (Additional Chief Administrator ) M/s Greater Ludhiana Area Development Authority, PUDA Complex, Ferozepur Road, Ludhiana do hereby solemnly affirm and declare as under : 1. That our appeal filed by us on 16.12.2011 bearing ITA No.1220/Chd/2011 f or the assessment year 2008-09 which has been fixed f or hearing on 31.1.2012. 2. That ....