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TMI Blog2018 (1) TMI 1712X X X X Extracts X X X X X X X X Extracts X X X X ..... sel. ORDER Heard learned counsel for the department and Sri Diptiman Singh, learned counsel for the assessee. This is an appeal filed by the department under section 260A of the Income Tax Act, 1961 for the assessment year 2006-07 against the order of the Tribunal dated 4.4.2012. The questions of law sought to be answered are hereunder; "1. Whether on the facts and circumstances of the case t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the CIT (A) that mere generation of surplus will not amount to generation of profit so long as surplus is not distributed, ignoring that the assessee is having specific project of road constructions and also ignoring that income of the assessee is not exempt under section 11 of the I.T. Act, 1961." Both the CIT as well as the Tribunal after examining the matter have come to the conclusion t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d expenditure, therefore, could not be termed as a revenue receipt so as to form part of the total income. Learned counsel for the respondents-assessee had relied on a decision of this Court in the case of Commissioner of Income Tax Vs. U.P. Upbhokta Sahkari Sangh Ltd. (2007) 288 ITR 106 (Allahabad) wherein a similar question had arisen with regard to the income of cane society and this Court has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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