https://www.taxtmi.com/caselaws?id=253127 The Tribunal allowed the appeal of a charitable trust, holding that only the income derived from the non-compliant investment in TISCO shares should be taxed at the maximum marginal rate under Section 164(2). The trust's dividend income from the shares was exempt under Section 10(34), overriding violations of Section 13(1)(d). Consequently, the trust's overall tax liability was nullified, emphasizing the income-specific nature of exemptions under Section 10(34) and a harmonious interpretation of relevant sections supported by judicial precedents and CBDT circulars. en-us Wed, 05 Nov 2014 00:00:00 +0530 Sat, 15 Nov 2014 15:01:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253127 The Tribunal allowed the appeal of a charitable trust, holding that only the income derived from the non-compliant investment in TISCO shares should be taxed at the maximum marginal rate under Section 164(2). The trust's dividend income from the shares was exempt under Section 10(34), overriding violations of Section 13(1)(d). Consequently, the trust's overall tax liability was nullified, emphasizing the income-specific nature of exemptions under Section 10(34) and a harmonious interpretation of relevant sections supported by judicial precedents and CBDT circulars. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253127