2014 (8) TMI 4

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.... 1. By order dated 17.5.2005 the following substantial question of law was framed in this appeal by the revenue which pertains to the assessment year 1991-92:- "Whether the ITAT is correct in allowing the benefit of Section 11 to the assessee and thereby allowing the relief of Rs. 17,55,360/- to the assessee if at all there was violation of section 13(1)(d) of the Act?" 2. In nutshell, the ....

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.... Act. The Assessing Officer also observed that the advance given to Business India should be treated as investment as TDS Certificates had been issued on the interest paid on Rs. 1,11,000/- and annexed with the return. For the aforesaid reason, the Assessing Officer computed the total income as Rs. 17,55,360/-, denying benefit of Section 11 of the Act. 4. Having examined the assessment order an....

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....tion. It has been stated at the Bar, that the probate proceedings are still pending. Till the Will is probated and it is affirmed that the Will is genuine, the respondent trust would not acquire legal right on the property as such for the purpose of the present Act i.e. Income Tax Act, 1961. In case, probate is denied, the properties would not devolve on the respondent-trust. At present the legal ....

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.... amount. Accordingly payment of Rs. 1,10,000/- cannot be treated as an investment which was made and which was covered and regulated by Section 11(5) of the Act. The intent and purpose behind payment of Rs. 1,10,000/- was not investment. 8. The aforesaid view has been affirmed by the Tribunal, 9. Learned counsel for the appellant revenue has not been able to controvert and deny the aforesaid....