https://www.taxtmi.com/caselaws?id=769738 The ITAT Mumbai allowed the assessee's appeal for statistical purposes and restored the matter to CIT(E) for fresh consideration. The case involved denial of exemption under section 80G due to alleged violation of section 13(2)(a) where excess funds were deployed by a related party to earn interest income. The assessee argued it took loans due to financial deficit since 2018-19 to comply with District Collector's order for rent payment. ITAT found the assessee had no option but to take market-rate loans from a company under Companies Act section 186(7), with funds used for charitable purposes without intention to benefit related parties. Additional evidence regarding loan application and charitable expenses was admitted for proper examination by CIT(E). en-us Tue, 18 Feb 2025 00:00:00 +0530 Thu, 26 Jun 2025 11:38:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769738 The ITAT Mumbai allowed the assessee's appeal for statistical purposes and restored the matter to CIT(E) for fresh consideration. The case involved denial of exemption under section 80G due to alleged violation of section 13(2)(a) where excess funds were deployed by a related party to earn interest income. The assessee argued it took loans due to financial deficit since 2018-19 to comply with District Collector's order for rent payment. ITAT found the assessee had no option but to take market-rate loans from a company under Companies Act section 186(7), with funds used for charitable purposes without intention to benefit related parties. Additional evidence regarding loan application and charitable expenses was admitted for proper examination by CIT(E). Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769738