TMI Blog2008 (12) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... n view of explanation to S. 13(1), which defines the term ‘Trust’, inter alia for purposes of S. 11, to include any other legal obligation, revenue’s submission is not acceptable – hence interest on deposits is entitled to exemption - 609 of 2007 - - - Dated:- 15-12-2008 - ADARSH KUMAR GOEL and L. N. MITTAL JJ. Yogesh Putney for the appellant. Akshay Bhan, and Sandeep Goyal for the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he explanation to section 13(1) of the Income Tax Act, 1961. (b) Whether in the facts and circumstances of the case, the Hon'ble Income Tax Appellate Tribunal was right in holding that the interest on bank deposits is exempt under section 12(1) even though these are not voluntary contributions, as required under section 12(1) of the Income Tax Act, 1961." 2. The assessee is a registered soci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmission in view of explanation to Section 13(1) of the Act, which defines the term 'Trust', inter alia for purposes of Section 11, to include any other legal obligation. 6. It was also submitted that the income was not from voluntary contributions under Section 12(1) of the Act. This question does not arise as the assessee does not seek to be exempted on account of contributions but on accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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