Case Law Details
Dr. Chandrashekar Foundation Vs CIT (ITAT Bangalore)
With regard to issue relating to repayment of loan, we modify the direction of the CIT (Exemptions) and direct the A.O. to examine this claim afresh i.e. if the cost of assets acquired out of loan funds have already been allowed as application of income, then the repayment of loan should not be allowed as application. On the contrary, if the cost of assets purchased out of loan was not allowed as application of income, then the repayment of loan should be allowed as application of income.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
The assessee has filed this appeal challenging the revision order dated 17.3.2015 passed by Ld. CIT(Exemptions) u/s 263 of the Income-tax Act,1961 [‘the Act’ for short] for the assessment year 2010-11.
2. The appeal is barred by limitation by 396 days. The assessee has filed an affidavit requesting the bench to condone the delay. In the affidavit, it is stated that the assessee’s income tax matters were handled by a Chartered Accountant named Shri B.S. Ravi Kumar.
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