TaxTMI 
TaxTMI 
2000 (9) TMI 63
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....s been referred under section 256(1) of the Income-tax Act, 1961 (for short the "Act"), by the Income-tax Appellate Tribunal, Delhi Bench "C" (in short the "Tribunal"), for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in deleting from the income of company for the assessment year 1970-71, the property income of Rs. 60,18....
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....khs out of its own funds or from public donations, towards the purchase of land, the erection of the college building, equipment, etc., and had also been meeting a part of the maintenance expenses of the college. As the Sabha was finding it difficult to meet the recurring expenditure of the college and also pay some outstanding bills towards construction of the college building, it approached the ....
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.... maintaining the building properly. The chairman proposed in the said letter to have an appropriate resolution adopted by the board of, directors to give effect to such suggestions and send a copy thereof to the sabha. An extraordinary general meeting of the shareholders of the company was held and on June 25, 1968, certain resolutions were adopted. Subsequently, on June 29, 1968, another such mee....
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....g it to be the real owner of the property. Accordingly, the Appellate Assistant Commissioner (in short the "AAC"), held that the income in question was not to be included in the assessee's total income. The Revenue preferred an appeal before the Tribunal. On consideration of the background facts, the Tribunal confirmed the conclusions of the Appellate Assistant Commissioner. On being moved, refer....