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2009 (8) TMI 43 - HC - Income TaxCharitable Societies/Institutions – Application of Income – Exemption - Held that - Once exclusion contemplated under section 11(4A) is not applicable, the exemption had to be allowed as Sections 11(1), (2) and (3) become applicable even in respect of profits and gains.– Regarding accumulation of income – held that - Even if 85% income has not been applied in the manner laid down, it is not enough to disallow exemption unless there is a further condition of accumulation beyond contemplated period or not maintaining accounts or intimating the Assessing Officer as laid down. - Thus, while holding that the observation of the Tribunal that sub-section (1), (2), (3) or (3A) of Section 11 do not apply to the income falling under Section 11(4A) of the Act is erroneous, there is no error in the conclusion for holding the assessee eligible for exemption
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