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2019 (4) TMI 99 - AT - Income TaxCharitable activity - benefit under section 11 - unsecured loan to its sister concern covered u/s 13(3) without any consideration - assessee had given interest free loans without any consideration or security to M/s Baba Amarnath Educational Society which was covered u/s 13(1)(c) and 13(1)(d) - - HELD THAT:- As decided in assessee's own case for the AYs 2013-14 and 2014-15 nothing has been brought on record by the Revenue to prove that the main object of the assessee actually was giving loans and not providing education. We also agree with the CIT(A) that the loan given to the respective Educational Society do not qualify as a deposit/investment for the purposes of section 11(5) of the Act, and therefore the assessee cannot be said to have violated the provisions of section 11(5) so as to be denied exemption u/s 11, as per section 13(1)(d) of the Act. Moreover since the impugned loans/advances were made in earlier years, the provisions of section 13(1)(c)/(d) could in any case not have been invoked in the impugned year.- Decided in favour of assessee.
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