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2013 (12) TMI 722 - HC - Income TaxExemption u/s 10(23AAA) - Held that:- Both the financial institutions namely Veerashiva Sahakara Sangha and Karnataka Veerashaiva Vidyabhivrudhi Samsthe do not fall within Section 11(5) of the Act as they are not approved - Once the fund is approved by the Commissioner in accordance with the Rules made in this behalf, the contribution made by the employees to the said fund do not form part of the total income and consequently, it does not attract tax - Decided in favour of assessee.
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