9911796707
TMI Blog2023 (11) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... it is derived by Prakash Hospital Private Limited - CIT(A) allowing benefit of exemption to assessee - HELD THAT:- CIT(A) was of the opinion that even if the entire investment has been received back by the assessee the fund which was utilized by Prakash Hospital Private Limited saved interest in as much as if the assessee trust had not given the loan fund Prakash Hospitals would have borrowed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of Section 11(5) of the Act that is liable to be taxed . Revenue appeal dismissed. - Sh. N. K. Billaiya, Accountant Member And Sh. C.N. Prasad, Judicial Member For the Appellant : Sh. Vivek Upadhyay, Sr. DR For the Respondent : Sh. Ved Jain, Advocate, Ms. Uma Upadhyay, CA ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Briefly stated the facts of the case are that the assessee is a trust duly registered u/s. 12AA of the Act with the object of providing Medical Relief, Education and Training and also running a medical college namely Prakash Institute of Physio-therapy, Rehabilitation and allied medical sciences. 4. The assessee filed its return of income electronically on 25.11.2014 declaring nil incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he fund which was utilized by Prakash Hospital Private Limited saved interest in as much as if the assessee trust had not given the loan fund Prakash Hospitals would have borrowed the loan and paid interest thereon. 8. The appellant has worked out interest @ 12% over the fund utilized by the hospital which is as under :- Thus the total interest for AY 2014-15 is worked out at Rs. 41, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereby that only that income is denied exemption which is in violation of section 13 of the Act. For this proposition we draw support from the decision of the Hon ble Karnataka High Court in the case of Mullers Charitable Institutions wherein the Hon ble High Court has held that it is only the income from such investment or deposit which has been made in violation of Section 11(5) of the Act that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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