[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

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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