No disallowance of interest for debit balance in partner capital account

If debit balance in partners' capital account is due to loss and not due to any amount withdrawn there can be no dis allowance of interest u/s 36(1)(iii)
Meerut Rubber Factory ITA 5114/2010 ITAT DELHI

Capital Asset must be created before making application for grant of registration u/s 12AA

Hardayal Charitable and Educational Trust [2012] 25 taxmann.com 288 (Agra - Trib.)    In the instant case, the building of educational  institution was still under construction and no educational activity was carried on till date of making application u/s 12AA. Hence ITAT asked to make fresh application when activity is started. 
Self Employers Service Society v. CIT [2001] 247 ITR 18/[2000] 113 Taxman 703 (Ker.) (para 13) followed.