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Repayment of debt which is taken as part of receipt is application of income
Case Law Details
- Case Name
- DCIT Vs Spiritual Regeneration Movement Foundation of India (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-2012
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Spiritual Regeneration Movement Foundation of India (ITAT Delhi)
ITAT Delhi held that when debt is taken as part of receipts by the charitable trust, repayment of such debt would be accepted as application of income.
Facts-
The assessee society raised loans of Rs.1.25 crores and Rs. 3.99 crores in A.Y.2009-10 and 2010-11 which were utilized in its objects including acquisition of fixed assets in furtherance of its charitable objectives. Out of which loans of Rs.4.75 crores were repaid and such repayment of loans was claimed as application of income.
During the year under consideration ...
Author Info
