1995 (8) TMI 2

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....ears relevant to the asst. yrs. 1967-68 and 1969-70, it constructed a building. The funds required for construction were paid out of the accumulated income of the trust and partly out of borrowings. The said building had been leased to tenants except for a small portion and has been yielding rental income. In the accounting year relevant to the asst. yr. 1980-81, the assessee paid a sum of Rs. 89,....

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....ried the matter in appeal to the Tribunal against the order of the appellate authority. The Tribunal took the view that the investment in the construction of the building was made for the purpose of augmenting the income of the trust to be applied for the purpose of the trust, and, therefore, the repayment of debt incurred for construction of the building should be treated as application of income....