TMI BlogDenial of Exemption under section 11 & 12 - Section 13(1)X X X X Extracts X X X X X X X X Extracts X X X X ..... t for private religious purposes which does not enure for the benefit of the public - However where the trust is for private religious purposes, the exclusion will not apply to that part of the income from property held under trust, which does not ensure for the benefit of the public. [Ganeshi Devi Rami Devi Charitable Trust vs CIT 1968 (7) TMI 6 - Calcutta High Court] Income for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) . [Ghulam Mohidin Trustv. CIT 2000 (11) TMI 99 - Jammu and Kashmir High Court ] Income for the benefit of specified persons: If any part of income of a religious/ charitable trust/ institution ensures directly or indirectly for the benefit of any person specified in section 13(3) or any property of the trust is during the previous year applied or used directly or indirectly fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms other than those specified u/s 11(5) - Entire income of a trust/ institution is not eligible for exemption u/s 11 12, if its funds are invested/ deposited otherwise than as specified under section 11(5). It has been clarified that investment in i. Shares of Public sector company and ii. Shares of depository will not amount to contravention to section 13(1)(d). Provided tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or substantial contributor is an HUF, a member of HUF any trustee of the trust or manager of the institution. any relative of such author, founder, substantial contributor, member, trustee or manager any concern in which any of the persons referred to above has a substantial interest. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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