Friday 5 December 2014

Impermissible deposits by trust would lead to denial of sec. 11 relief only on income from deposits;

IT: In case of a charitable trust, it is only income from investment or deposit which has been made in violation of section 11(5) that is liable to be taxed and violation under section 13(1)(d) does not tantamount to denial of exemption under section 11 of total income of assessee-trust


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