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2007 (10) TMI 288 - DELHI HIGH COURTCharitable trust – exclusion from exemption - prohibited category of persons mentioned in section 13(3) have substantial interest in MMBL in which the funds of the assessee were invested and, therefore, the provisions of section 13(2)(h) were applicable – assessee-trust was not entitled to exemption on dividend income as stipulated under sections 11 and 12 - Tribunal was right in law in holding that shares being bonus shares of MMBL received by the assessee did not represent funds of the trust invested in the said concern for purposes of section 13(4)
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