https://www.taxtmi.com/caselaws?id=245582 The High Court ruled in favor of the charitable trust in regards to entitlement to exemption under Section 11(1)(a) of the Act for income derived from the sale of residential and commercial units. The Court found that the trust's property dealings fell within its objectives as per the Memorandum of Association. However, the revenue succeeded in the issue concerning the justification for granting exemption under Section 11 of the Act for an amount misappropriated and not reaching the trust, as there was no evidence linking the misappropriated amount to the declared additional income. en-us Tue, 04 Mar 2014 00:00:00 +0530 Wed, 02 Apr 2014 19:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245582 The High Court ruled in favor of the charitable trust in regards to entitlement to exemption under Section 11(1)(a) of the Act for income derived from the sale of residential and commercial units. The Court found that the trust's property dealings fell within its objectives as per the Memorandum of Association. However, the revenue succeeded in the issue concerning the justification for granting exemption under Section 11 of the Act for an amount misappropriated and not reaching the trust, as there was no evidence linking the misappropriated amount to the declared additional income. Case-Laws Income Tax Tue, 04 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245582