https://www.taxtmi.com/circulars?id=4455 The expression funds of the trust includes all trust property, including shares; section 13(2)(h) applies where such funds are invested in a concern in which the author or connected persons have a substantial interest either when invested during the relevant previous year or where pre existing investments continue to remain invested during that year. If the trust continues to hold such investments after the prescribed cut off, exemption is forfeited; complete forfeiture follows when the holding exceeds the statutory capital threshold, while only income from the investment is disqualified where the holding does not exceed that threshold. en-us Wed, 23 Dec 1970 00:00:00 +0530 Tue, 29 Jul 2008 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4455 The expression funds of the trust includes all trust property, including shares; section 13(2)(h) applies where such funds are invested in a concern in which the author or connected persons have a substantial interest either when invested during the relevant previous year or where pre existing investments continue to remain invested during that year. If the trust continues to hold such investments after the prescribed cut off, exemption is forfeited; complete forfeiture follows when the holding exceeds the statutory capital threshold, while only income from the investment is disqualified where the holding does not exceed that threshold. Circulars Income Tax Wed, 23 Dec 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4455