1. - This appeal under section 260A of the Income-tax Act, 1961 (for short, "the IT Act"), has been preferred by the appellant-Revenue against the order of the Income-tax Appellate Tribunal, Jaipur Bench "B", Jaipur (for short, "the ITAT") dated November 4, 2011, passed in I.T.A. No. 1191/JP-2010 by which the Income-tax Appellate Tribunal has dismissed the appeal filed by the appellant-Revenue against the order of the Commissioner of Income-tax (Appeals)-II, Jaipur (for short, the "CIT(A)"). The relevant assessment year is 2007-08.

2. The brief facts, as emerging on the facts of record, are that the respondent-assessee is a renowned cultural society generating creative artistic activities through programs in the field of performing arts, visual arts, literature, electronic media and film, folklore, indigenous craft, etc. The assessee-society was constituted as an autonomous body by the Government of Rajasthan, vide order dated August 11, 2003, to preserve and promote art and culture in Rajasthan and to contribute to the cultural and social development of the people of the State. Consequent to the order dated August 11, 2003, the assessee-society came to be formed and was re