https://www.taxtmi.com/caselaws?id=191941 The Tribunal upheld the denial of exemption under Section 11 of the Income Tax Act to a Society due to provisions of Section 13(1)(c) and 13(2)(a). The Court found that the loan terms, including interest and security, did not contravene the statutory provisions. The Assessing Officer correctly denied the exemption as the assessee failed to reflect charged interest in their accounts, violating Section 13(1)(c) and 13(2)(a). The judgment emphasized compliance requirements for tax exemptions under Section 11, ruling in favor of the revenue-appellant. en-us Tue, 13 Sep 2011 00:00:00 +0530 Tue, 25 Apr 2023 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191941 The Tribunal upheld the denial of exemption under Section 11 of the Income Tax Act to a Society due to provisions of Section 13(1)(c) and 13(2)(a). The Court found that the loan terms, including interest and security, did not contravene the statutory provisions. The Assessing Officer correctly denied the exemption as the assessee failed to reflect charged interest in their accounts, violating Section 13(1)(c) and 13(2)(a). The judgment emphasized compliance requirements for tax exemptions under Section 11, ruling in favor of the revenue-appellant. Case-Laws Income Tax Tue, 13 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191941