JHASI DEVELOPMENT AUTHORITY,JHANSI vs. DY. C.I.T., CIRCLE-4, AGRA

In the result the appeal of the assessee is allowed and the appeal

Bench: Shri Laliet Kumar,And Dr. Mitha Lal Meenajhansi Development Authority Vs..Dcit Circle-4, Commissionerycompus, Agra. Jhansi. (Now The Dy. Cit Panno.Aaalj0068K (Exemption) Ghaziabad. (Assessee) (Revenue) Acit, 4(1), Vs..Jhansi Development Agra. Authority (Now The Dy. Cit Commissionerycompus, Jhansi. (Exemption) Ghaziabad. Panno.Aaalj0068K (Revenue) (Assessee)

55,310/-and in holding that the entire receipt was capital receipt This amount was given by the state government to the assessee for carrying out civil works which is in the nature of business activity. The assessee spent an amount of Rs.32,33,663/- on this works, therefore, proportionate part of the receipt amount should have been recognized

JHANSI DEVELOPMENT AUTHORITY,JHANSI vs. ACIT CIRCLE-4, AGRA

In the result the appeal of the assessee is allowed and the appeal