2002 (10) TMI 26

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.....-The question referred to us at the instance of the Revenue is: "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the amount of Rs. 53,950 was utilised for charitable purposes when there is no application for accumulation of income or option exercised by the assessee? (2) Whether, on the facts and in the circumstances of....

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....tor of the assessee in the books of account for this year. The company in turn had shown the assessee as one of its sundry creditors. The assessee's claim that the monies so given were meant to be used to meet the cost of construction of a hospital and, therefore, should be regarded as having been applied for charitable purposes in this year was rejected by the Assessing Officer but was upheld by ....