2007 (8) TMI 8

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....ation of unspent income in the sum of Rs.8,16,799/- for the assessment year 1997-98? (b) Whether the Income Tax Appellate Tribunal was right in holding that the sum of Rs.2,00,000/- received by the assessee from WAFM for holding a national convention for farmers was not a capital receipt in the hands of the assessee but was its income under Section 2(24)(iia) of the of the Income Tax Act, 1961? 4. Filing of paper books is dispensed with. 5. The Assessee is a society registered under the Societies Registration Act, 1860 and is also registered under Section 12A(a) of the Income Tax Act, 1961 ('the Act'). 6. The Assessee filled in Form No.10 provided under the Income Tax Rules, 1961 and submitted it to the Assessing Officer along w....

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....has first to see what is the law laid down and then apply it to the facts of a given case. What has been done by the Tribunal in this case is that it has noted that the facts of the cited case is different and has not discussed the law laid down. This is not the correct approach for determining whether a decision is distinguishable or not. 11. Our attention has been drawn to the Commissioner of Income Tax vs. Hotel and Restaurant Association, (2003) 261 ITR 190. On a reading of this judgment, we find that it has been held by this Court that it is not necessary for a charitable trust to particularize each and every object for which accumulation is sought. It is enough if the Assessee seeks accumulation for the objects of the trust. In the....

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....in favour of the Assessee and against the Revenue. 14. As regards question (b), the contention that is urged by learned counsel for the Assessee is that it had received an amount of Rs.2,00,000/- from WAFM for the purposes of holding a national convention for farmers. According to the Assessee the amount was received by way of advance for holding the convention but the convention could not held in that year and was only held in the subsequent year and the amount of Rs.2,00,000/- was utilised for that purpose. 15. However, we find from the record of the case that there is nothing to suggest that the amount was actually received by the Assessee as an advance as contended. The amount received was for holding a national convention. It is ....