Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (8) TMI 805 - ALLAHABAD HIGH COURTWhether the Tribunal had correctly held that the assessee has not contravened the provisions of Section 13(1)(c) and 13(3) of the Income Tax Act, 1961 even though it was conclusively proved by the assessing officer that the loan was given without interest to the person referred to in Section 13(3) which is in contravention to the provisions of Section 13(2)(a) of the I.T. Act, 1961 - Since, in the instant case, the interest was charged @10%, as alleged by the assessee, it should have been reflected in the books of accounts of the assessee as well as in the audit report but the same was not reflected in any document even subsequent document filed by the assessee except the resolution, which cannot be relied and it can be considered an afterthought - in view of clause (c) of Section 13(1) rendering the entire income of Trust or charitable institution on liable to tax even if only part of income is directed to be applied for the benefit of the specified persons - Decided against the assessee
|