2012 (11) TMI 1243

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....ppeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) from the order of the Income Tax Appellate Tribunal, New Delhi dated 22.06.2007 passed in ITA No. 5708/Del/ 2003. The Revenue has proposed the following Substantial Questions of Law being involved in the appeal:- "(1) Whether on the facts and circumstances of the case, the Hon'ble Tribun....

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.... to tax?" 2. M/S Indian Institute of Engineering Society (the assessee) is an 'educational institution' registered under Section 12A of the Act, as a charitable institution. The assessee filed it's return under Section 139 (1) (a) of the Act 28.03.2002 for the Assessment Year 2001-02, in which total receipt of Rs. 3,09,71,070/- was shown. Net recurring and non-recurring expenditure of....

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....eport dated 22.03.2002 assessed the costs of construction of the building as Rs. 3,08,28,641/-. Thereafter the DVO furnished a revised valuation report dated 24.02.2003 assessing the costs of the construction as Rs. 1,97,78,951/-. The Assessing Officer therefore made addition of Rs. 16,56,285/-. The Assessing Officer by his order dated 17.03.2004 held that as in the previous Assessment Year claim ....

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....e. The Revenue preferred an appeal before the Income Tax Appellate Tribunal, New Delhi from the aforesaid order which was registered as I.T.A. No.5708/(Dl)/2004. The Tribunal vide impugned order dated 22.06.2007 dismissed the appeal. 5. We have heard Sri Dhananjay Awasthi, Standing Counsel for the Revenue and Sri R.R. Agrawal, learned counsel appearing for the respondent-assessee. 6. Sri Awasthi....