2014 (6) TMI 1068

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....espondent : Mr. Shaji P.Jacob, Addl. CIT ORDER Per Challa Nagendra Prasad, JM: This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-VII, Chennai dated 28.01.2014 for the assessment year 2010-11. The grievance of the assessee in this appeal is that Commissioner of Income Tax (Appeals) erred in confirming the action of the Assessing Officer in holding....

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....the Assessing Officer, assessee contended that the amount given to M/s. SPK MAC Charitable Trust is only interest free loan and there is no violation of provisions of section 11(5) or 13 of the Act. However, Assessing Officer denied exemption under section 11 of the Act holding that transaction is in violation of section 13 of the Act. On appeal, Commissioner of Income Tax (Appeals) confirmed the ....

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....erused orders of lower authorities and the decision of this Tribunal relied on and find that the issue in appeal has been decided in favour of the assessee in assessee's own case for the assessment year 2008-09 by order dated 29.8.2013, wherein the co-ordinate Bench of this Tribunal sustained the order of the Commissioner of Income Tax (Appeals) in allowing the claim of exemption under section 11 ....

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..... Assessing Officer had invoked provisions of Section 13(1)(d) read with Section 11(5) of the Act and denied the exemption under Section 11 of the Act. Hon'ble Delhi High Court held that interest-free loan given by the assesseesociety to another society, having similar objects and registered under Section 12AA of the Act, did not violate Section 13(1)(d) read with Section 11(5) of the Act, sin....