Denial of exemption u/s. 11 set aside as advances given doesn’t violate section 13(1)(d): ITAT Mumbai

Sai Shiva Educational Trust Vs ITO (ITAT Mumbai)

ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act not justified as advances given doesn’t violate provisions of section 13(1)(d) of the Income Tax Act. Accordingly, appeal allowed and exemption granted.

Facts- The assessee is engaged in charitable activities in field of education and has claimed exemption u/s 11 of the Act. AO was of the opinion that the investment made by the assessee by way of loan/deposit to another trust does not fulfill the requirements of the forms and mo

Please become a Premium member. If you are already a Premium member, login here to access the full content.