JUDGMENT

V.K. SINGHAL, J.The Incometax Appellate Tribunal has referred the following question of law arising out of its order, dated June 16, 1992, for the assessment year 198384."Whether, on the` facts and in the circumstances of the case, the Tribunal is right in holdi4g that the repayment of debt incurred by the assessee for the construction of the commercial building taken up by the assessee for the purpose of augmenting its funds, should be treated as `application' of the income of the assessee ­trust for charitable purposes?"The assessee is a trust. While framing the assessment order for the assessment year 198384, the Assessing Officer did not treat the repayment of loan taken by the assessee for the purpose of construction of a commercial complex as income applied for charitable purposes. In an appeal filed by the assessee, the Deputy Commissioner of Incometax (Appeals) directed the Assessing Officer to allow the assessee's claim. Against the order of the Deputy Commissioner of Inco...