IT : Provisions of disallowance of expenditure under section 40(a)(ia) for non-deduction of TDS are not applicable, when income is computed under provisions of section 11

IT : Provisions of disallowance of expenditure under section 40(a)(ia) for non-deduction of TDS are not applicable, when income is computed under provisions of section 11

IT : Where in case of assessee-society, Assessing Officer denied claim of exemption of income on ground that it had diverted its funds to other

societies and violated provisions of section 13(1)(d), since loans were given out of funds borrowed from founder members of society, impugned order denying exemption was to be set aside

[2016] 71 taxmann.com 6 (Visakhapatnam - Trib.)

IN THE ITAT VISAKHAPATNAM BENCH

Sri Koundinya Educational Society

v.

Additional Commissioner of Income-tax, Rajahmundry