TMI Blog1999 (12) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of law arising out Of its Order dated June 16, 1992, for the assessment year 1983-84. "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the repayment of debt incurred by the assessee for the construction of the commercial building taken up by the assessee for the purpose of augmenting its funds, should be treated as 'application' of the incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as observed: "It is plain that when the assessee is a trust entitled to benefit under: section 11 of the Income-tax Act, the only question that arises for consideration is whether that income or the accumulated income thereof is applied for charitable purpose. If investments have been made in the construction of a building which in turn would augment its income, it should also be held that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
