https://www.taxtmi.com/caselaws?id=174230 The appeal was filed against the denial of exemption under sections 11 & 12 of the Act due to interest-free loans given to charitable societies. The Tribunal found in favor of the appellant, a charitable institution, noting that similar loans were given in previous years without issue. The confirmation of the addition of excess income as taxable was overturned, as the loans were deemed justified under sections 11 & 12. The Tribunal emphasized the importance of consistency in applying legal principles and precedents, ultimately allowing the appeal and granting the exemption to the appellant. en-us Wed, 09 May 2012 00:00:00 +0530 Sat, 03 Oct 2015 17:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174230 The appeal was filed against the denial of exemption under sections 11 & 12 of the Act due to interest-free loans given to charitable societies. The Tribunal found in favor of the appellant, a charitable institution, noting that similar loans were given in previous years without issue. The confirmation of the addition of excess income as taxable was overturned, as the loans were deemed justified under sections 11 & 12. The Tribunal emphasized the importance of consistency in applying legal principles and precedents, ultimately allowing the appeal and granting the exemption to the appellant. Case-Laws Income Tax Wed, 09 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174230