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Loan repayment allowable as Application of Income If Cost of Assets purchased out of Loan was not allowed
Case Law Details
- Case Name
- Dr. Chandrashekar Foundation Vs CIT (E) (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Bangalore
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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 BANGA...
