TMI Blog2006 (9) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... cific objective of purchasing agricultural land for development as plots which then are allotted only to its own members. - CIT (Appeals) as well as ITAT concluded that the utilization of moneys received from members and kept in savings bank account is directly linked with the activity of purchasing agricultural land, developing the same and converting it into residential plots after obtaining app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ablished with the specific objective of purchasing agricultural land for development as plots which then are allotted only to its own members. The agreement between the Government of Haryana and the assessee stipulated, inter alia, that the society shall keep 30 per cent. of the amount realised by it from the plot holders from time to time in a deposit for being utilised by the society towards mee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account have an inextricable link with the acquisition of land, a fact which the Income-tax Appellate Tribunal records, was not denied by the Revenue. The Commissioner of Income-tax (Appeals) as well as the Income-tax Appellate Tribunal have discussed Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) as well as CIT v. Bokaro Steel Ltd. [1999] 236 ITR 315 (SC) and CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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