VARANASI DEVELOPMENT AUTHORITY,VARANASEE vs. ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW
In the result appeal filed by assessee in ITA no
ITA 267/ALLD/2017[2014-15]Status: DisposedITAT Varanasi06 Jul 2022AY 2014-15
Bench: Shri Vijay Pal Rao & Shri Ramit Kochar
For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R
Section 11Section 12Section 12ASection 143(3)Section 2(15)
price of their properties, it would be a better example of Mahajans charging compound interest at high interest rates on the amounts lent out, from the poor people of the society.
From the above analysis of Hon’ble ITAT order referred to above, it becomes clear that decision of Allahabad High Court in the case of Lucknow development Authority relied
