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2018 (6) TMI 92 - AT - Income TaxBenefit u/s 10(21) denied - AO held that the assessee has not been notified by the CBDT as “Scientific research Association” for granting benefit - Held that:- Restore this issue to the file of the Ld. CIT(A) for verifying the status of litigation in the matter of notifying the assessee as “Scientific Research Association” and, thereafter, to take a decision in accordance with law after providing opportunity of being heard to both the parties. The ground of the appeal of the Revenue is, accordingly, allowed for statistical purposes. Charitable purpose - assessee has claimed only exemption u/s 10(21) - Order of CIT(A) allowing exemption u/s 11(1) set aside - matter restored before CIT(A) Charitable purpose - Application of loan repayment allowability - loans received or the money borrowed by the assessee has not been shown as income at any point of time by the assessee - Held that:- The repayment of the loan is not allowed in the profit and loss account even under the general principles. Therefore, in our opinion, the ratio of the decision of the Hon’ble Supreme Court in the case of Rajasthan Gujarati Charitable Foundation, Poona [2017 (12) TMI 1067 - SUPREME COURT] is not applicable and the assessee is not eligible for application of loan repayment against the income for charitable purposes. We also note that the Tribunal in order [2016 (11) TMI 527 - ITAT DELHI] has also disallowed application of loan repayment - Decided against assessee.
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