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2011 (10) TMI 173 - HC - Income TaxExemption under section 11 of the IT Act - violation of the provisions of section 13(1)(c) - assessee was set up in 1989 under the sponsership of Government of India, Ministry of Urban Development for the sole purpose of providing physical environment to various institutions for the purposes of carrying out their activities - assessee received contributions from institutional members - Held that: no violation of the provisions of section 13(1)(c) of the IT Act as the interest earned on the funds received from institutional members would only reduce the cost which in turn would get proportionately divided amongst the institutional members.
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