TaxTMI 
TaxTMI 
2013 (8) TMI 1166
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....AA of the Act, had filed its return for the impugned assessment year declaring NIL income after claiming exemption under Section 11 of the Act. During the course of assessment proceedings, it was noted by the Assessing Officer that assessee had shown under the head "Deposits" a sum of ₹ 18,25,000/- in the name of M/s SPK MAC Charitable Trust. Assessing Officer was of the opinion that this was violation of the investment modes set out under Section 11(5) of the Act. Though the assessee argued that the money was not deposited, but only interest-free loan was given to the said Trust, this was not accepted by the Assessing Officer. As per the A.O., money was lent by the assessee continuously to a party who was not paying any interest. The....
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.... order of CIT(Appeals), submitted that M/s SPK MAC Charitable Trust, though it was a Trust registered under Section 12AA of the Act, would still fall within the concept of a "concern". Relying on a decision of Hon'ble Bombay High Court in the case of Champa Charitable Trust v. CIT (214 ITR 764), learned D.R. submitted that a Trust is also a person within the meaning of Section 13 of the Act. According to him, in the said case, one Trust had donated a sum of ₹ 1 lakh to another Trust. Thereafter the latter Trust donated certain sums back to the former Trust. Hon'ble Bombay High Court had held that the contributor-Trust would come within the meaning of Section 13(3)(b) of the Act and recipient-Trust having given donations given ....