Denial of exemption u/s. 11 & 12 set aside as loan borrowed at higher rate solely for benefit of society

Educate India Society Vs DCIT (ITAT Delhi) ITAT Delhi held that denial of exemption u/s. 11 & 12 of the Income Tax Act not justified as loans are borrowed at higher rate solely for the benefit of the society and under the circumstances which are beyond the control of the assessee-society. Facts- Assessee society is registered in 1995 under the Society Registration Act, 1860. The Assessee is running educational institutions. The assessee is registered u/s 12A of the Act in terms of the registration granted vide orders dated 01.07.1996 and further registered u/s 80G(5)(vi) vide order dated ...