The Tribunal held that since the assessee had already claimed exemption towards the cost of asset as application of income, the assessee could not claim exemption on account of repayment of loan taken for acquiring the asset. AY.2012-13 to 2015-16)
A. Shama Rao Foundation v. ACIT (2020)78 ITR 374 (Bang (Trib)
S. 11 : Property held for charitable purposes – Application of income – Cost of acquisition of assets allowed as application of income —Cannot claim exemption on account of repayment of loan as application of income .