Subscription to chit amount - violation u/s 13(1)(d) read with section u/s 11(5)

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..... Subscription to chit amount - violation u/s 13(1)(d) read with section u/s 11(5)
Query (Issue) Started By: - GOVINDASAMY RADHAKRISHNAN Dated:- 23-1-2010 Last Reply Date:- 29-1-2010 Income Tax
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..... ot 1 Reply
Income Tax
One of our client Trust Subscribed Registered chit. The A.O. viewed as violation u/s 13(1)(d) read with section u/s 11(5) of the IT Act,1961.and diallowing exemption claime .....

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..... d under section 11. whether subscription of chit amount to violation and any case law refernce. and advice Reply By Surender Gupta: The Reply: As per section 13(1)(d) read with section 1(5) of the In .....

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..... come Tax Act, only the eligible investment is allowed for exemption. You have to satisfy the condition. If the registered chit is eligible investment, AO can not disallow the same.
Discussion Foru .....

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..... m - Knowledge Sharing .....

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