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2018 (6) TMI 95 - AT - Income TaxBenefit of exemption u/s 11 denied - whether the assessee can be denied the benefit of exemption u/s 11 on the ground that the assessee was holder of shares in violation of provisions of section 13(1)(d) ? - Held that:- It is well settled that where investments or deposits have been made by a charitable trust which are in violation of section 11(5) of the Act, the benefit of exemption u/s 11 of the Act would not be denied on the entire income of the assessee and only the investments / deposits made in violation of provisions of section 11(5) would attract maximum marginal rate of tax - See CIT vs. FR Mullers Charitable Institutions [2014 (2) TMI 1033 - KARNATAKA HIGH COURT] - Decided in favour of assessee.
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