https://www.taxtmi.com/caselaws?id=757811 ITAT Mumbai held that loans given as scholarships to Indian students for higher education abroad qualify for exemption under section 11. The AO contended that charitable activities must occur within Indian territory, but the tribunal followed Jamsetji Tata Trust precedent, ruling that disbursing scholarship loans to students in India for overseas study constitutes application of income for charitable purposes in India. The CIT(A)'s order allowing the exemption was upheld, and Revenue's appeal was dismissed. en-us Wed, 24 Jul 2024 00:00:00 +0530 Mon, 02 Sep 2024 17:22:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757811 ITAT Mumbai held that loans given as scholarships to Indian students for higher education abroad qualify for exemption under section 11. The AO contended that charitable activities must occur within Indian territory, but the tribunal followed Jamsetji Tata Trust precedent, ruling that disbursing scholarship loans to students in India for overseas study constitutes application of income for charitable purposes in India. The CIT(A)'s order allowing the exemption was upheld, and Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757811