https://www.taxtmi.com/caselaws?id=268048 The Tribunal upheld the CIT(Appeals)' decision, allowing the exemption under Section 11 of the Income-tax Act for a Trust that advanced a loan to its Managing Trustee for purchasing land to establish a medical college. The Tribunal found the transaction genuine as the loan was repaid with interest, concluding that there was no diversion of funds or violation of Section 13(1)(c). However, the Trust's claim for depreciation under Section 32 was denied as a charitable institution claiming exemption under Section 11 is not eligible for depreciation. en-us Wed, 28 Oct 2015 00:00:00 +0530 Thu, 19 Nov 2015 06:39:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268048 The Tribunal upheld the CIT(Appeals)' decision, allowing the exemption under Section 11 of the Income-tax Act for a Trust that advanced a loan to its Managing Trustee for purchasing land to establish a medical college. The Tribunal found the transaction genuine as the loan was repaid with interest, concluding that there was no diversion of funds or violation of Section 13(1)(c). However, the Trust's claim for depreciation under Section 32 was denied as a charitable institution claiming exemption under Section 11 is not eligible for depreciation. Case-Laws Income Tax Wed, 28 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268048