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2014 (8) TMI 4 - HC - Income TaxBenefit u/s 11 – Investments made in modes prescribed u/s 13(1)(d) or not - Whether the Tribunal is correct in allowing the benefit of Section 11 to the assessee and thereby allowing the relief to the assessee if at all there was violation of section 13(1)(d) of the Act – Held that:- The foreign shares have not been transferred in the name of the trust and were/are still in the name of late Raja Bahadur Sardar Singh – CIT(A) has noticed that as per the Will, the shares are to become the corpus of the trust, but this acquisition is dependent upon adjudication of the Probate - there cannot be violation of Section 11(5) - revenue has not been able to controvert and deny the factual position - he was asked whether the revenue has filed or taken similar objections in respect of other years and denied benefit of Section 11 – allegation of violation of Section 11(5) of the Act does not arises for consideration - Decided against revenue.
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