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2014 (8) TMI 1119 - AT - Income TaxExemption under section 11 - violation of section 11(5) - Held that:- The act of the assessee in making fixed deposit with Tata Motors Ltd. was an unintended act arising out of bonafide mistake/belief and for this reason assessee cannot be held to be disentitled for exemption under section 11 of the Act. “Key Information Memorandum” a charitable trust/Wakfs or a society established under the relevant laws and authorized to invest in mutual fund schemes is one of the entity who could apply for the same. Keeping in view these provisions, the said investment by the assessee shall not in violation of section 11(5), therefore, there is no violation on account of that deposit. Depreciation to assessee trust allowed on the basis of the fact that will not tantamount to double deduction.
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