https://www.taxtmi.com/caselaws?id=207362 The High Court affirmed the Tribunal's decision that the stock exchange assessee is entitled to exemption under Section 11 of the Income Tax Act, 1961. The assessment of income as excess of income over expenditure was deemed invalid, overturning the Assessing Officer's denial of exemption. The Court found no basis to apply Section 13 to disqualify the exemption, as there was no evidence of funds benefiting specific persons associated with the trust. The Revenue's appeal was dismissed, upholding the assessee's entitlement to exemption under Section 11. en-us Mon, 08 Aug 2011 00:00:00 +0530 Mon, 21 Nov 2011 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207362 The High Court affirmed the Tribunal's decision that the stock exchange assessee is entitled to exemption under Section 11 of the Income Tax Act, 1961. The assessment of income as excess of income over expenditure was deemed invalid, overturning the Assessing Officer's denial of exemption. The Court found no basis to apply Section 13 to disqualify the exemption, as there was no evidence of funds benefiting specific persons associated with the trust. The Revenue's appeal was dismissed, upholding the assessee's entitlement to exemption under Section 11. Case-Laws Income Tax Mon, 08 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207362