Tuesday, December 30, 2014

[aaykarbhavan] Grant of interest-free loan to trust having similar objects would be prescribed mode of investment under sec. 11(5)



Grant of interest-free loan to trust having similar objects would be prescribed mode of investment under sec. 11(5)

December 30, 2014[2014] 51 taxmann.com 248 (Chennai - Trib.)/[2014] 30 ITR(T) 264 (Chennai - Trib.)
IT-I : Advancement of interest free loan by a charitable institution to other having similar objects is not in violation of provisions of section 13(1)(d)
IT-II : Voluntary contribution made with a specific direction that it shall form part of corpus of trust cannot be treated as income of trust even if purpose for which such donation is given has not been specified
IT-III : While working out application of income as prescribed in relation to purposes/objectives of a trust in terms of section 11(1)(a) in computation of taxable income, no disallowance of depreciation could be made
 
Regards
Prarthana Jalan


__._,_.___
Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)