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Trust established before enactment of Income Tax Act, 1961 entitled to pay honorarium to trustees as per Memorandum of Association without violating Section 13(1)(c). Assessing Authority erred in denying exemption u/s 11 by treating entire income as taxable. Tribunal rightly allowed depreciation claim following its own precedent. High Court upheld Tribunal's decision granting exemption u/s 11 and allowing depreciation.
Trust established before enactment of Income Tax Act, 1961 entitled to pay honorarium to trustees as per Memorandum of Association without violating Section 13(1)(c). Assessing Authority erred in denying exemption u/s 11 by treating entire income as taxable. Tribunal rightly allowed depreciation claim following its own precedent. High Court upheld Tribunal's decision granting exemption u/s 11 and allowing depreciation.
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