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2013 (7) TMI 225 - MADHYA PRADESH HIGH COURTViolation of Section 13(3) - interest free loans to three societies - CIT rejected exemption u/s 11 and 12 - ITAT allowed the exemption - Held that:- merely the respondent society had given interest free loan to another society, so the loan was neither investment nor deposit. The provisions as contained in Section 13(3) of the Act were not applicable - No substantial questions of law involved - Following decision of Director of Income-Tax (Exemption) vs. Acme Educational Society [2010 (7) TMI 159 - DELHI HIGH COURT] - Decided against Revenue.
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