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2013 (10) TMI 1224 - HC - Income TaxRevision u/s 263 - technical educational trust - AO allowed the exemption - CIT revised the assessment order and disallowed the exemption o the ground that information collected by the Assessing Officer was not considered by him after due application of mind - Held that:- Families of the trustees have been paid interest whereas in terms of the deed of trust, the members of the trust are not to be paid any benefit or profit from the trust. It was also found that the Assessing Officer has failed to examine the issue of deduction of tax at source while crediting interest to the family members of the trustees. Similarly, it was found that 50 per cent. of the development fund has been utilised whereas the balance was to be utilised after ten years. The Commissioner found that there is no data of creation of development fund and the year-wise break up of opening balance is also not available – Therefore, no exemption u/s 11 – Decided against the Assessee The assessee has disputed the show-cause notice justifying the return filed. It was never the stand of the assessee that even if the said aspects are taken into consideration, still the income of the assessee would be nil. In the absence of any plea that the additions made will not cause loss to the Revenue, we find that the appellant cannot be permitted to raise such questions in appeal without there being any factual basis. - Decided against the assessee.
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