the charitable trust had taken OD facility for working capital.
The OD was taken from a cooperative bank.As a result of which the charitable trust, had to hold shares of the banking company..
is this allowed as per the provisions of income tax?
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Banking Company shares held by charitable trust
Replies (5)
Quick Summary
It can hold but those share are to be shown as deposit and not investment
I agree with the above comment
It has to be shown under deposits
Yes....
Thank you all!
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