DIT Vs. JYOTI FOUNDATION

JUDGEMENT

(1.) This appeal by the Revenue impugns order dated 24th August, 2012 passed by the Income Tax Appellate Tribunal in the case of Jyoti Foundation, a charitable trust. The assessment year involved is 2006- 07 and by the impugned order the tribunal has struck down order dated 30th March, 2012 passed by the Director of Income Tax (Exemptions) under Section 263 of the Income Tax Act, 1961 (Act, for short).

(2.) For the Assessment Year 2006-07, pursuant to a complaint made by one Jayant Pandey, re-assessment notice under Section 147 was issued to examine and verify the sale consideration received on sale of four plots measuring 500 square yards each in village Nangli, Sakarawati, Delhi. The respondent-assessee had declared sale consideration of Rs.4 lacs each (total Rs.16 lacs) whereas it was alleged by the complainant that the total sale consideration received was Rs.84 lacs. The Assessing Officer after conducting inquiry did not make any addition and accepted the consideration. It appears that summons were issued to Jayant Pandey, who produced copy of the bayana receipt but could not be served thereafter as he was not available at the given address.

(3.) The Director of Income Tax (Exemptions) issued notice under Section 263 and thereafter passed the order dated 30th March, 2012 recording as under: