https://www.taxtmi.com/caselaws?id=279705 The revenue's appeals were dismissed, and the CIT(A)'s orders granting exemption under section 11 of the Income Tax Act were upheld by the ITAT. The loans given by the assessees to other societies/trusts were found to be in line with their charitable objectives, not constituting investments or deposits under section 11(5). The ITAT determined that the recipient societies were not specified persons under section 13(3) and that the assessees were primarily focused on advancing education, not making loans for personal benefit. en-us Thu, 26 Jul 2018 00:00:00 +0530 Tue, 18 Apr 2023 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279705 The revenue's appeals were dismissed, and the CIT(A)'s orders granting exemption under section 11 of the Income Tax Act were upheld by the ITAT. The loans given by the assessees to other societies/trusts were found to be in line with their charitable objectives, not constituting investments or deposits under section 11(5). The ITAT determined that the recipient societies were not specified persons under section 13(3) and that the assessees were primarily focused on advancing education, not making loans for personal benefit. Case-Laws Income Tax Thu, 26 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279705