2015 (8) TMI 1553

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....M. This is revenue's appeal directed against the order of Learned CIT (A) - Varanasi Dated 30.06.2015 for A.Y. 2011 - 12. 2. The Grounds raised by the Revenue are as under:- "1. Whether on the facts and circumstances of the case and in law, the Ld. CIT (A) was justified in restoring the exemption u/s 11 of the Act in case of assessee, which was earlier denied by the assessing officer. 2. Wh....

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....33. 4. We have considered the rival submissions. We find that in the case of CIT vs. Lucknow Development Authority (Supra), the judgment of Hon'ble Allahabad High Court is on this basis that there is no material/evidence brought on record by the Revenue which may suggest that the assessee was conducting its affairs on commercial line with the motive to earn profit. It was held that under these fa....

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....as per the same, Realisation from allotted properties is only Rs. 480.45 lacs and interest income is of Rs. 458.24 Lacs plus Rs. 232.25 lacs and Other receipts Rs. 665.62 lacs. In this manner, as against Realisation from allotted properties of only Rs. 480.45 lacs, interest income and Other receipts is Rs. 1356.11 Lacs. In view of these facts, the A.O. came to the conclusion that the receipts of t....