Tuesday, June 14, 2011

Loan given by an educational society to another educational society

Loan given by an educational society to another educational society does not violate section 13(1)(d) read with section 11(5)

Income-tax : Benefit of section 11 cannot be denied to an educational society on ground that it has given loan to another society in violation of section 13(1)(d) read with section 11(5) as the same is neither an investment nor a deposit for purpose of invoking said provisions [Section 13 of the income-tax Act, 1961 - Charitable or religious trust - Denial of exemption] - [2011] 10 taxmann.com 100 (Luck. - ITAT)

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Dear Friends : The emails are schedule to be posted in the blog and will sent to the group on carious dates and time fixed. Instead of sending it on one day it is spread on various dates. 
regards. R R Makwana
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