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2018 (1) TMI 858 - AT - Income TaxEntitlement to benefit of section 11 and 12 - whether assessee continues to hold investment in foreign companies as well as in India companies and has not converted the same in the modes specified u/s 11(5)? - Held that:- This Tribunal has time and again in various Assessment Years has allowed exemption under section 11 & 12 to assessee. The Trustees are duty bound and, are protecting the assets of the Trust, so that once the court embargo is taken away after the probate order, the activities of the Trust could be carried out. Till such time they have to incur certain expenditures on maintenance of these properties - immovable and movable - by maintaining staff and hiring lawyers to fight out the various cases to enable the probate to be allowed by the High Court. These expenditures are essential to save the Trust and its assets and these expenditures have been wrongly disallowed in the assessment order. - Decided against revenue
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