Benefit u/s 11 an 12 - Loan given to society not registered u/s ...

Interest-Free Loans to Unregistered Societies Don't Qualify as Deposits or Investments u/s 11(5) Income Tax Act.

July 30, 2013

Case Laws Income Tax HC

Benefit u/s 11 an 12 - Loan given to society not registered u/s 12AA - Where both the societies have similar objects and are registered under Section 12AA and have approvals under Section 80G, interest free loan cannot be treated as deposit or investment so as to attract Section 11 (5) of the Act - HC

View Source

← Previous Next →

Benefit u/s 11 an 12 - Loan given to society not registered u/s ...

Interest-Free Loans to Unregistered Societies Don't Qualify as Deposits or Investments u/s 11(5) Income Tax Act.

July 30, 2013

Case Laws Income Tax HC

You may also like:

Claim of exemption under section 11 denied - interest free loan given by the assessee society to another society with identical object cannot be treated as “investment”...

If the assessee makes investments or deposits in the scheduled bank and claims the deposits as accumulated for the purpose of section 11(1)(a) or 11(2), the investment...

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

Addition of interest attributable on the diversion of loan fund - Once own fund of the assessee exceeds the amount of interest free loans and advances, then a...

Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

Exemption u/s 11 - Jaipur National University (JNU) doesn’t qualify as a specified person u/s 13(3) - Accordingly, the contribution to JNU will qualify as due...

Trust exempt u/s 11 - Capital gain computed u/ss 45-49, investment in public sector company treated as permitted capital asset u/s 11(1A). Entire capital gain utilized...

Deduction u/s 80P(2) on interest income - To invest the deposits accepted from the members or the surplus funds available with it, is part of the banking/credit business...

Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However,...

Exemption right u/s 11 & 12 - assessee society is registered u/s 12A - Addition u/s 69 - undisclosed income/Investment - it is an admitted fact that the assessee society...

Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society...

Exemption u/s 11 - investment in violation of Section 11(5) - investment of Rs. 1.5 crore and transfer of 100 acres of land by the Appellant to HITEX squarely covered...

Assessee while giving the loan to another society did not violate the provisions of section 13(1)(d) read with section 11(5) as the loan was neither an investment nor a...

Quick Updates: