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2012 (8) TMI 728 - AT - Income TaxExemption under sections 11 and 12 of the Income-tax Act - denial of exemption – alleged that assessee violated the provisions of section 13(1)(d) of the I.T. Act since the assessee trust had given loans – Held that:- Assessee while giving the impugned loan to another society did not violate the provisions of section 13(1)(d) read with section 11(5) of the I.T. Act as the loan was neither an investment nor a deposit - AO never disputed this fact that the assessee as well as Ram Lakhan Shiksha Samiti i.e., the society, who received the loan, were having similar objects, therefore, the temporary loan was given by the assessee to another society having similar object and nothing is brought on recorded by the AO that the said loan was out of the accumulated surplus of the year under consideration set apart - appeal is allowed Decision in DIT v. Acme Educational Society [2010 (7) TMI 159 - DELHI HIGH COURT] followed.
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