Donations by conversion of loans into donations allowable as deduction u/s 80G

Sri Ranganathar-Industries Pvt. Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that donations paid by conversion of loans into donations comes under the nature of donations paid in cash and hence entitled for deduction under section 80G of the Income Tax Act. Facts- The assessee company has claimed deduction u/s.80G of the Act, in respect of donations paid to M/s.Sri Ranganathar Trust, which is also registered u/s.12AA of the Act, and also enjoying the benefit of registration u/s.80G of the Act. The assessee has paid donation partly through bank for the relevant assessment year and partly conve...