Assessee-trust entitled to exemption under Section 11 as loan interest and donations constituted valid application.
Assessee-trust entitled to exemption under Section 11 as loan interest and donations constituted valid application. Issue Whether invocation of Section 40A(2)(a) disallowance and denial of Section 11 exemption are justified when advances were for construction or to registered charitable trusts, and donations were made with supporting Section 80G/12A documentation. Facts Borrowings and Advances: Assessee-trust raised… Read More »