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2004 (4) TMI 25 - HC - Income TaxCharitable trust - whether the amount being kept in suspense account would qualify for the purpose of exemption under section 12 of the Income-tax Act, 1961, or not? The amount cannot be separated and kept in suspense account but the amount received by the trust is required to be spent for a particular object or it is required to be set apart for the said object. Over and above this, the amount set apart for the object of the trust is required to be communicated to the Assessing Officer in Form No. 10. The assessee, having not done so, the provisions of section 12 cannot be attracted – in respect of subscription received from members held that the subscription is to be treated as income and exempted under section 11 - question whether the assessee's income is exempted under section 4(3)(i) of the Income-tax Act or not was answered in the affirmative.
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