No Double Deduction If Loan-Funded Application Was Excluded Earlier: Bangalore ITAT Allows Trust’s Loan Repayment Claim

Rashtrotthana Sahitya And Mudrana Trust Vs ITO (ITAT Bangalore) No Double Deduction If Loan-Funded Application Was Excluded Earlier: Bangalore ITAT Allows Trust’s Loan Repayment Claim The Bangalore ITAT deleted a disallowance of ₹1.64 crore made in the hands of a charitable trust and held that repayment of a loan qualifies as application of income where the trust had not claimed the expenditure funded by that loan as application in the year of borrowing. The assessee-trust, engaged in publishing educational books, running educational institutions and carrying out charitable activities, had...