TaxTMI 
TaxTMI 
2013 (6) TMI 49
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....essment year 2007-08, following reframed questions of law have been raised for our consideration :- (a) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in allowing the claim of the assessee for exemption u/s. 11 of the Act ignoring the fact that the assessee failed to get the permission of the Charity Commissioner to raise loans for the trust in vio....
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....,57,058/- as application of income when the cost of the assets, for which the loan was taken, had already been allowed as application of income and further allowance of repayment of loan as application of income would result in double deduction for the same outgoing which is against the principles laid down in the judgment of the Supreme Court in the case of Escorts Ltd. v. Union of India 199 ITR ....
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.... further appeal filed by the revenue, the ITAT while upholding the order of CIT(A) held that once the registration has been granted under section 12AA of the Act, the exemption under Section 11 cannot be withdrawn unless there is violation of provisions of Section 13 of the Act or the registration under Section 12AA(3) of the Act is cancelled. The Tribunal held that the decision of this Court in t....