ITAT Agra Judgments — February 2018

The Tribunal held that the sale deed clearly described the property as 'in ruins' (khandharnuma), indicating it was not habitable. This crucial recital was overlooked by the lower authorities.

The Tribunal held that the assessee appeared to be not interested in prosecuting the appeal as no one appeared on their behalf and no adjournment was sought. Therefore, the appeal was dismissed for non-prosecution.

The Tribunal found that the assessee failed to provide detailed computation for the reduced surrender amount, unlike in a previous assessment year. Therefore, the matter was remitted back to the Assessing Officer for verification.

The tribunal held that the assessee authority was created with the object of general public utility, which is a charitable object. The proviso to Section 2(15) was not applicable as the authority was not carrying out activities with profit motive, but with the predominant object of public welfare.

The Tribunal held that the interest earned on FDRs, which are part of the Infrastructure Development Fund, cannot be treated as the income of the assessee. The interest receipts are at the disposal of the assessee only in accordance with government directions for infrastructure development and do not accrue to the assessee for unfettered use.

The Tribunal considered the assessee's request to withdraw the appeal. The Revenue had no objection to this request.