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2016 (2) TMI 1022 - AT - Income TaxEntitled for claiming exemption u/s.11 - Held that:- Breach of section 13(1)(d) and 13(2)(h) would lead to forfeiture of exemption of income derived from such investment and not the entire income would be subjected to the maximum marginal rate of tax u/s 164(2). Thus the exemption u/s 11 is available to the assessee only on the income to the extent the same is derived in conformity of section 11 and applied during the year for such purpose of charitable trust. Dividend income on shares and mutual funds and long term capital gain on sale of shares an exempt u/s 10(34),10(35) and 10(38) respectively and cannot be brought to tax by applying section 11 and 13 of the Act. Education grant given to the Indian students in India for education/higher education abroad fulfills the conditions of application of money for such purpose in India - Decided in favour of assessee.
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