Held that the corpus donation received from its founder member for the purpose of construction/running of hospital/dispensary and clinic, there is no violation of s. 11(1)(d) for the reason that the assessee has utilized this donation for repayment of bank loan which was taken for purchasing the land for the said purpose. Exemption is allowable. (AY-2014-15 to 2016-17)
ACIT (E) v. Padmavati Institute For Medical Education & Science Trust (2023) 37 NYPTTJ 1675 / (2024) 227 TTJ 470 / 233 DTR 321 (Jodhpur) (Trib)
S. 11 : Property held for charitable purposes-Corpus donation-Foreign donation-Project is struck on account of stay order of High Court-Amount utilised for repayment of bank loan-Exemption is allowable.[S.11 (1)(d))]