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Saturday 12 December 2015

Delhi High Court in the case of DIT (Exemption) v. ACME Educational Society [2010] 326 ITR 146, held that the amount advanced by one educational society to another educational society cannot be considered as violation of provisions of section 13(1)(d) read with section 11(5) of the Act, since the interest-free loan given by the assessee-society was neither an investment nor a deposit.


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