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2013 (12) TMI 1157 - HC - Income TaxWhether benefit of exemption for investment in shares is violation of section 13(1)(d) - Held that:- It is well settled that the depiction in books of accounts is not a determinative test but the factual nature of the transaction which has to be considered for the purpose of taxation - The investment in shares of cooperative banks was a precondition for raising of loans and it was therefore not an investment as normally understood - The shares were subscribed to only for purposes of obtaining the loan and the amounts so obtained were used for furtherance of the objects of the trust - There is no reason to deny the benefit of exemption under Section 11 of the Act for Assessment Year 2008-09 - Decided against Revenue.
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