COMMISSIONER OF INCOME TAX Vs. JANMABHOOMI PRESS TRUST

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal has referred the following question of law arising out of its order dated June 16, 1992, for the assessment year 1983-84.

(2.) THE assessee is a trust. While framing the assessment order for the assessment year 1983-84, the Assessing Officer did not treat the repayment of loan taken by the assessee for the purpose of construction of a commercial complex as income applied for charitable purposes. In an appeal filed by the assessee, the Deputy Commissioner of Income-tax (Appeals) directed the Assessing Officer to allow the assessee's claim. Against the order of the Deputy Commissioner of Income-tax (Appeals), the Department appealed before the Income-tax Appellate Tribunal.