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2012 (5) TMI 84 - HC - Income TaxWhether the Income-tax Appellate Tribunal was justified in denying exemption under section 11 of the Income-tax Act for violation of section 13(1)(d) - The finding of the Assessing Officer is that the funds of the Trust have been utilised substantially for personal benefits of the Chairman and family members - Held that: the finding of the Tribunal because as a matter of fact the Tribunal found that there is a violation of section 13(1)(d) inasmuch as Rs. 50,000/- belonging to the trust remained invested during the previous year in a private finance company. Even though counsel for the appellant raised a contention that investment itself is not made in the previous year relevant for the assessment year i.e. 1998-99, we do not think disqualification applies only for deposit made in the previous year, but applies to deposits retained in the previous year - Appeal is dismissed
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