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2011 (8) TMI 510 - HC - Income TaxExemption u/s. 11 - Assessing Officer noted certain irregularities of the assessee in managing its funds as pointed out by SEBI - However, there is no conclusion that any part of the funds were diverted or applied as not permitted under sub-section (3) of Section 13 - Therefore, it was not open for the Assessing Officer to resort to Section 13 of the Act to withhold exemption under Section 11 of the Act - Thus, the Assessing Officer made certain general observations to point out that some of the application of the funds of the stock exchange were not approved by the SEBI - But that itself would not be sufficient to activate sub-section (3) of Section 13 without any specific finding - Decided in favour of assessee.
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