CIT Vs. TEACHERS HOUSING COOPERATIVE SOCIETY

JUDGEMENT

(1.) PRESENT appeal filed under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the order dated 28 -5 -1999 passed by the Income Tax Appellate Tribunal, Allahabad has been admitted by this Court on the following substantial questions of law:

(2.) BRIEFLY stated the facts giving rise of the present appeal are as follows:

(3.) SRI S. Chopra, learned senior standing counsel appearing for the Revenue submitted that the Tribunal was not justified in upholding the deletion of addition of Rs. 17,45,689 on the ground that heavy premium has been earned by the Society on the sale of plots belonging to it and any premium received on its sale should be included in income. He further submitted that substantive assessment has been made on the AOP consisting of nine persons but that would not absolve the society from its liability of being assessed on protective basis. The submission is wholly misconceived.