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of The ITAT upheld the denial of exemption under sections 11 and 12 due to violations of section 13, finding that income was indirectly used for the benefit of specified persons under section 13(3) through cash transactions in share transfers lacking fair market value consideration, contravening Rule 11UA. The Tribunal confirmed the Assessing Officer's conclusion that such benefit was real and concrete, supported by seized evidence, justifying the rejection of exemption claims. Further, the Tribunal held that under section 164, the entire relevant income is taxable at the maximum marginal rate where any part of the income fails exemption criteria. The appellant's request to compute income under sections 28 to 44DB was rejected to avoid cascading effects. Consequently, the appeal was dismissed, affirming the assessment and taxability at the highest marginal rate due to the breach of provisions governing charitable trusts and related income.
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