Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The ITAT reviewed a case regarding the exemption u/s 11 of the Act concerning non-charging of interest on advances for property purchase. The Assessee's society extended advances to a specified person for land purchase without interest or security. The AO argued it violated sec. 13(1)(c) r.w.s. 13(2)(a). However, as the advances were deemed genuine business deals by CIT(E) and not in violation of sec. 13(1)(c), and since they related to land for educational activities, sec. 13(2)(a) was inapplicable. The revenue accepted the advances in previous years, and CIT(E) considered them genuine business transactions. Denying exemption u/s 11 based on notional interest addition was unjustified. The ITAT directed AO to vacate the additions, ruling in favor of the assessee.
The ITAT reviewed a case regarding the exemption u/s 11 of the Act concerning non-charging of interest on advances for property purchase. The Assessee's society extended advances to a specified person for land purchase without interest or security. The AO argued it violated sec. 13(1)(c) r.w.s. 13(2)(a). However, as the advances were deemed genuine business deals by CIT(E) and not in violation of sec. 13(1)(c), and since they related to land for educational activities, sec. 13(2)(a) was inapplicable. The revenue accepted the advances in previous years, and CIT(E) considered them genuine business transactions. Denying exemption u/s 11 based on notional interest addition was unjustified. The ITAT directed AO to vacate the additions, ruling in favor of the assessee.
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