Scholarship for overseas study is application of income for charitable purpose in India: ITAT Mumbai

ITO(Exemptions) Vs JN Tata Endowment for the Higher Education of Indians (ITAT Mumbai) ITAT Mumbai held that the disbursal of loan scholarship to students in India for study overseas as application of income for charitable purposes in India. Thus, claim of exemption under section 11 of the Income Tax Act allowed. Facts- The assessee trust is registered u/s 12A of the Income Tax Act, 1961 and with the Charity Commissioner under the Bombay Public Trust Act, 1950. The main objects are that the assesse trust grants loan scholarship to Indian students in India for their higher education overseas. T...