9911796707
TMI Blog2014 (6) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal sustained the order of the CIT (Appeals) in allowing the claim of exemption under section 11. We direct the AO to allow exemption claimed by the assessee under section 11 - Appeal of the assessee is allowed. - I.T.A. No. 627/Mds/2014 - - - Dated:- 27-6-2014 - SHRI A. MOHAN ALANKAMONY ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For the Appellant : Mr. R.Vijayaraghavan, Advocate For the Respondent : Mr. Shaji P.Jacob, Addl. CIT ORDER Per Challa Nagendra Prasad, JM: This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-VII, Chennai dated 28.01.2014 for the assessment year 2010-11. The grievance of the assessee in this appeal is that C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2008-09, the co-ordinate Bench of this Tribunal in ITA No. 1799/Mds/2012 dated 29.8.2013 considered this issue of whether interest free loan given to M/s. SPK MAC Charitable Trust is in violation of section 11(5) or 13(1)(d) or 13(1)(c) of the Act and held that there is no such violation and sustained the order of Commissioner of Income Tax (Appeals) in allowing the claim of the assessee under section 11 of the Act. Copy of the said order is placed before us. 4. Departmental Representative supported the orders of lower authorities in denying exemption under section 11 of the Act. 5. Heard both sides. Perused orders of lower authorities and the decision of this Tribunal relied on and find that the issue in appeal has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere neither investments nor deposits. No doubt, the assessee here had mentioned the amounts given to M/s SPK MAC Charitable Trust as deposits in its accounts. Submission of the assessee that it was nothing but a loan given to the said Trust, for the purpose of its educational objects, has not been rebutted by the Revenue. We are, therefore, of the opinion that the CIT(Appeals) was justified in directing the A.O. to exemption claimed by the assessee under Sections 11 and 12 of the Act. We do not find any need to interfere with the order of the CIT(Appeals). 6. Respectfully following the above decision of the coordinate Bench of this Tribunal, we direct the Assessing Officer to allow exemption claimed by the assessee under section 11 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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