2006 (8) TMI 128

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.... Agrawal J.- The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act", for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the status of the assessee-corporation was that of a 'local authority' and as such the income derived by it from ho....

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....tion under section 10(20) of the Act as a local authority. Accordingly, assessment was completed for both the assessment years. For the assessment year 1976-77 the net income of Rs. 1,54,60,869 was given set off against the unabsorbed depreciation of Rs. 3,38,08,559 for the assessment year 1973-74 resulting in nil income for taxation. For the assessment year 1977-78 the total income of Rs. 1,17,11....

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....al authority within the meaning of section 10(20) of the Act. Accordingly, the appeal filed for the assessment year 1976-77 was dismissed. The same view was held by the learned Commissioner of Income-tax (Appeals) for the assessment year 1977-78. However, the Commissioner of Income-tax (Appeals) did not give any decision for the assessment year 1977-78 on the question of claim ability of exemption....

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....x (Appeals) with the direction to give his decision on the submissions made on behalf of the assessee on this limited issue of the claim ability of exemption under section 11 of the Act after giving an opportunity of being heard to both the parties. We have heard Sri Samir Sharma, learned counsel appearing for the assessee, and Sri R.K. Upadhyay, learned standing counsel appearing for the Reven....