TMI Blog2013 (10) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated:- 4-4-2013 - MR. HEMANT GUPTA AND MS. RITU BAHRI, JJ. For the Appellant: Mr. Brij Mohan Monga, Advocate JUDGEMENT Hemant Gupta J.- The present appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act"), is against the order dated March 14, 2012, in respect of the assessment year 2004-05. The assessee has claimed the following substantial questions of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same had been duly examined by the Assessing Officer before framing the original assessment ?" The appellant is a technical educational trust. The assessment proceedings in respect of the assessee was finalised by the Assessing Officer on December 26, 2006, at nil income. The Assessing Officer found that the assessee has incurred more than 85 percent of the expenditure during the year in qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no data of creation of development fund and the year-wise break up of opening balance is also not available. It was found that towards development fund, each student was to contribute a sum of Rs. 600 per annum. It was found that such receipt is income of the trust and not exempted under section 11 of the Act. Similarly, the discrepancies were found on account of depreciation, repayment of term ..... X X X X Extracts X X X X X X X X Extracts X X X X
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