COMMISSIONER OF INCOME TAX Vs. AVADH EDUCATIONAL SOCIETY

JUDGEMENT

(1.) THIS appeal has been filed by the Revenue -Appellant under Section 260 -A of the Income Tax Act, 1961 against the judgment and order dated 31st July, 2007 passed by the Income Tax Appellate Tribunal, Lucknow Bench in ITA No. 293/LUC/2007 for the assessment year 2001 -2002.

(2.) THIS appeal was admitted by a Bench of this Court on 30.08.2011 on the following substantial question of law:

(3.) THE Tribunal by the impugned order upholds the order of First Appellate Authority by relying upon the ratio laid down in the case of Vijeta Educational Society in I.T.A. No. 425/Luc/05 dated 16.11.2005, wherein it was observed by the Tribunal that the terms, on which the loan was given, were exactly identical as they are in the present case. The relevant observation of the Tribunal is reproduced as under: