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2015 (9) TMI 449 - HC - Income TaxExemption u/s 11 and 12 - whether status of the assessee should be taken as "Trust" as against AOP adopted in the assessment order - whether "borrowed capital" needs to be taken into consideration while deciding whether shares held by the trust exceeds 5% of the share capital of the company or not? - Held that:- As decided in Commissioner of Income Tax –vs- M/s.Islamic Academy of Education [2015 (9) TMI 450 - KARNATAKA HIGH COURT] exemption u/s 11 and 12 of the Act shall not be denied to assessee. Appellate Authorities were correct in law in directing in revenue’s appeal that the status of the assessee should be taken as "Trust" as against AOP adopted in the assessment order-
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