https://www.taxtmi.com/caselaws?id=754187 ITAT Raipur held that advances extended by assessee society to specified persons for land purchase without interest or security did not violate section 13(1)(c) read with section 13(2)(a). The tribunal found that since the transaction was for purchasing land for educational activities, it did not constitute money lending to specified persons. The advances were accepted as genuine business transactions by revenue authorities, and CIT(E) had dropped proceedings for cancellation of registration under section 12AA. Addition of notional interest was deemed uncalled for, and denial of exemption under section 11 was held to be farfetched. The tribunal set aside CIT(A)'s findings and directed AO to vacate the additions, deciding in favor of the assessee. en-us Tue, 02 Jan 2024 00:00:00 +0530 Tue, 18 Jun 2024 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754187 ITAT Raipur held that advances extended by assessee society to specified persons for land purchase without interest or security did not violate section 13(1)(c) read with section 13(2)(a). The tribunal found that since the transaction was for purchasing land for educational activities, it did not constitute money lending to specified persons. The advances were accepted as genuine business transactions by revenue authorities, and CIT(E) had dropped proceedings for cancellation of registration under section 12AA. Addition of notional interest was deemed uncalled for, and denial of exemption under section 11 was held to be farfetched. The tribunal set aside CIT(A)'s findings and directed AO to vacate the additions, deciding in favor of the assessee. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754187