Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
