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No Double Deduction If Loan-Funded Application Was Excluded Earlier: Bangalore ITAT Allows Trust’s Loan Repayment Claim
Case Law Details
- Case Name
- Rashtrotthana Sahitya And Mudrana Trust Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Bangalore
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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...
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