Director Of Income Tax vs Bharat Diamond Bourse

Authority: Supreme Court Date: 2002-12-16 AY: 1989-90, 1990-91 Section: 2(15), 11, 13(1)(c)(ii), 13(2)(a), 13(3)(a) Acts: Income Tax Act 1961, Companies Act 1956, Customs Act Result: Partly Citation: (2003) 179 CTR (SC) 225 : (2003) 259 ITR 280 (SC) : (2003) 126 TAXMAN 365 (SC) Justices: Mrs. Ruma Pal & B.N. Srikrishna, JJ. Appeal No: Civil Appeal Nos. 8211* & 8212 of 2001
Whether the respondent-assessee (Bharat Diamond Bourse) qualifies as an institution established for 'charitable purpose' under section 2(15) of the Income Tax Act, 1961, and is entitled to exemption under section 11 --- Held Yes. Whether the assessee lost the exemption under section 11 due to lending Rs. 70 lakhs to Bharat Shah (founder/manager) without adequate security or interest, violating section 13(2)(a) read with section 13(3)(a)/(cc) --- Held Yes.

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