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2010 (3) TMI 776 - ITAT, DELHIBenefits of sections 11 and 12 - Since, section 11(4A) provides that exemption would not be denied if the business incidental to the attainment of the objectives of the trust and separate books of account are maintained in respect of such business. Undeniably, the activity of the assessee in making investments in mutual funds, was incidental to the attainment of the objects of the trust - It was not a separate business activity - Then again, undeniably, the assessee was maintaining separate books of account, identifying each of the mutual funds separately. The bank account for purchase and sale of mutual funds was also separately maintained by the assessee - Copies of separate books of account as well as the mutual funds ledger were placed before the Assessing Officer - None of these was considered by the Assessing Officer - The assessee was able to identify each transaction, fund-wise - Therefore decided in favour of assessee.
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