https://www.taxtmi.com/caselaws?id=262488 The Tribunal held that contributions to chit funds by the assessee did not constitute investments or deposits under the Income Tax Act. It was concluded that the entire income exemption under Section 11 should not be denied due to the alleged violation of Section 13(1)(d). Additionally, the reassessment proceedings for the assessment year 2005-06 were deemed invalid as they were based on a mere change of opinion without new material. The assessee's appeals were allowed, and the revenue's appeal was dismissed. en-us Mon, 28 Apr 2014 00:00:00 +0530 Wed, 12 Aug 2015 06:51:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262488 The Tribunal held that contributions to chit funds by the assessee did not constitute investments or deposits under the Income Tax Act. It was concluded that the entire income exemption under Section 11 should not be denied due to the alleged violation of Section 13(1)(d). Additionally, the reassessment proceedings for the assessment year 2005-06 were deemed invalid as they were based on a mere change of opinion without new material. The assessee's appeals were allowed, and the revenue's appeal was dismissed. Case-Laws Income Tax Mon, 28 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262488