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Director Of Income Tax (Exemption) vs Acme Educational Society on 28 July, 2010

15. We are in agreement with the reasoning given by the Delhi High Court in Director of Income-tax (Exemption) v. Acme Educational Society (supra) holding that a loan is neither an investment nor a deposit. Where both the societies have similar 11 (2010) 326 ITR 146 12 2013 SCC OnLine All 14708 ITA 808/2017 Signature Not Verified Page 22 of 24 Digitally Signed By:KAMLESH KUMAR Signing Date:31.05.2024 14:45:18 objects and are registered under section 12A and have approvals under section 80G, interest-free loan cannot be treated as deposit or investment so as to attract section 11(5) of the Act.
Delhi High Court Cites 19 - Cited by 32 - Manmohan - Full Document
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