https://www.taxtmi.com/caselaws?id=461797 The ITAT Mumbai dismissed the Revenue's appeal regarding denial of exemption under section 11. The assessee had granted interest-free advances to persons covered under section 13(3). The AO's remand report verified that no direct benefit or advantage was given to specified persons under section 13(3). Despite the AO's own verification accepting no advantage was passed to specified persons, the Revenue filed an appeal on the same issue. The ITAT held this action unjustified and upheld the CIT(A)'s order, finding no error in allowing the exemption. en-us Fri, 26 Aug 2022 00:00:00 +0530 Tue, 29 Apr 2025 18:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461797 The ITAT Mumbai dismissed the Revenue's appeal regarding denial of exemption under section 11. The assessee had granted interest-free advances to persons covered under section 13(3). The AO's remand report verified that no direct benefit or advantage was given to specified persons under section 13(3). Despite the AO's own verification accepting no advantage was passed to specified persons, the Revenue filed an appeal on the same issue. The ITAT held this action unjustified and upheld the CIT(A)'s order, finding no error in allowing the exemption. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461797