ANIL KUMAR, J. - (1.) BY means of the present appeal under section 260-A of the Income Tax Act, 1961, the judgment and order dated 18.9.2003 passed by Income Tax Appellate Tribunal in I.T.A. No. 47/LUC/03, for the assessment year 1996-97 is under challenge.
(2.) HEARD Shri D.D. Chopra, learned counsel for the appellant. Facts in brief of the present case are that "U.S. Srivastava, Educational Memorial Society" (hereinafter referred to as the Society) is registered under the Societies Registration Act. The aim and object of the society as given in the "Samritia Patra" was to establish central school for development of education and social, as well as spiritual development and to carry out proceedings for achieving the same for the society as per its object is providing education through a school in the name and style "Sherwood Academy".
(3.) FOR the assessment year 1996-97, the assessee had filed return showing Nil income, as the Society claimed the benefit under section 10 (22) of the Income Tax Act, 1961 (hereinafter referred to as the Act), the assessment however was completed at an income of Rs. 3,56,650/- under section 143(3) of the Act for the assessment year 1996-1997.;