Manager-Taxation
21 Points
Posted on 19 February 2015
One charitable Trust has given loan to another charitable trust where common trustees are there and considered as Application u/s 11.
The recipient trust has not finalised their account from last 7 years as there are some dispute among trustees and Auditors has also raised objection.
The query is that can IT dept cancel 12A of recipient trust and if so then what would be implication on the another trust who has given the loan and claimed as application.
Thanks