https://www.taxtmi.com/caselaws?id=761885 ITAT Chennai ruled in favor of a society challenging denial of exemption under Section 11. The tribunal found no violation of Section 13(1)(c) regarding loans to related parties, as advances were given from liabilities, not society income, and no benefit was conferred during the assessment year. Transportation fee arrangements with a related company were deemed legitimate as net income was minimal after expenses. The tribunal directed restoration of Section 11 exemption, deletion of corpus donation addition, and removal of Section 40(a)(ia) disallowance. One matter was remanded to AO for fresh assessment with proper opportunity for the assessee to present evidence. en-us Fri, 20 Sep 2024 00:00:00 +0530 Tue, 19 Nov 2024 08:41:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761885 ITAT Chennai ruled in favor of a society challenging denial of exemption under Section 11. The tribunal found no violation of Section 13(1)(c) regarding loans to related parties, as advances were given from liabilities, not society income, and no benefit was conferred during the assessment year. Transportation fee arrangements with a related company were deemed legitimate as net income was minimal after expenses. The tribunal directed restoration of Section 11 exemption, deletion of corpus donation addition, and removal of Section 40(a)(ia) disallowance. One matter was remanded to AO for fresh assessment with proper opportunity for the assessee to present evidence. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761885