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2021 (6) TMI 143 - HC - Income TaxExemption u/s 11 denied - trusts found to have made certain payments to company, the Trustees being specified persons are found to be having substantial interest - HELD THAT:- As apprehension expressed by the petitioner may not be having any basis. The second respondent is only proposing to forfeit the exemption only in respect of the offending payments. The Trusts need not entertain any fear that exemption granted to them u/s 11 of the Act itself would be denied. The petitioner is therefore given three more weeks from the date of receipt of a copy of this order to offer their explanation in response to the impugned notices.
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