Tax Exemption Denial Overturned; Reconsideration Ordered Amid Concerns of Loans to Related Parties.

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....Exemption u/s 11 - registration u/s 12AB and approval u/s 80G(5) denied - The apprehension of revenue that the loans would be given to a related or favourable party is a heighted apprehension. - If the trust makes any such loan in future, the law provides for forfeiture of exemption u/s 13 which in case of necessity, can be invoked by authorities. - CIT(E) directed to consider the application of assessee - AT....