TMI BlogExemption u/s 11 - undue benefit in lieu of salary and allowances to the persons specified u/s 13(3) -...Exemption u/s 11 - undue benefit in lieu of salary and allowances to the persons specified u/s 13(3) - In the present case, even if it is held that there is violation of sec.13, then only the amount of benefit given to the persons specified u/s 13(3) out of the income of the trust is chargeable to tax at MMR. Hence, the action of AO in taxing the surplus at maximum marginal rate without considering the provisions of section 11 & 12 is bad in law. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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