2018 (9) TMI 1031

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....IV KHANNA, J. (ORAL): This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act'), in the case of Society for Indian Automobile Manufacturers('respondent/assesse') pertains to the Assessment Year 2011-12, impugns the order dated 9.4.2018 passed by the Income Tax Appellate Tribunal('Tribunal') in ITA No.6631/Del/2015. 2. The respondent/assesee is a society regist....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....same was deposited in the bank account of the respondent/assessee. Accordingly Rs. 1,89,50,318/- i.e. receipt minus expenses(2,55,60,000/- minus 66,09,682/-)was directed to be added to the income of the respondent/assessee. 5. The Commissioner of Income Tax(Appeals) deleted this addition observing that the Ministry had sanctioned Rs. 1,474.10 lacs ( including cost of land) for setting up Model ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The assessment order lacks and suffers from failure to examine factual details. Revenue while preferring the appeal has not placed on record letters and correspondence between the Ministry and the respondent- assessee. Revenue is therefore unable to dispute the factual position elucidated and highlighted in the appellate orders. We would therefore not upset the finding that the money in the separa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e else money. Money received to be income should have profit making quality in it. Every receipt is not income earned. Reference can be also made to Commissioner of Income-tax, Kerala Vs. Mrs.Doris S. Luiz (1974) 96 ITR 646 (Ker.).   9. The second ground raised in the present appeal relates to interest of Rs. 2,83,477/-, statedly earned during the period relevant to the assessment year but....