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2013 (12) TMI 1538 - AT - Income TaxExemption u/s 11 - whether the amount lying with Credit Industrial at Commercial Paris was in violation of provisions of section 11(5) or not? - Held that:- There was no violation of the provisions of sec. 11(5) in the present set off facts. Further, AO has not demonstrated with facts and figures that submission of assessee that in the relevant assessment year under consideration i.e. A.Y. 2008-09 there was no accumulated income, is not correct. Therefore, in any views of the matter, there was no question of any violation of section 11(5). As regards, the applicability of provisions of section 13(1)(d), as we have already held that the provisions of section 11(5) are not attracted in the present set of facts, the provisions of section13(1)(d) will also not apply. The assessee has been granted exemption u/s 11(1)(c) by the Board in respect of income applied outside India.Therefore, to the extent amount was not applied to the objects of society outside India, the amount remained with the French Bank. Therefore, it could not be said that there was any violation of provisions of sec. 11(5).
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