https://www.taxtmi.com/caselaws?id=184301 The Tribunal ruled in favor of the public charitable trust in the case involving an advance made to a company where a trustee's spouse was a director. The Tribunal held that only the amount violating Section 13 should be taxed at the maximum marginal rate, not the entire income of the trust. As the advance was returned with interest and no income was generated from it during the relevant year, the trust was allowed exemption under Section 11. The appeal by the assessee was allowed, overturning the decisions of the AO and CIT(A). en-us Thu, 28 Apr 2016 00:00:00 +0530 Tue, 05 Jul 2016 11:18:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184301 The Tribunal ruled in favor of the public charitable trust in the case involving an advance made to a company where a trustee's spouse was a director. The Tribunal held that only the amount violating Section 13 should be taxed at the maximum marginal rate, not the entire income of the trust. As the advance was returned with interest and no income was generated from it during the relevant year, the trust was allowed exemption under Section 11. The appeal by the assessee was allowed, overturning the decisions of the AO and CIT(A). Case-Laws Income Tax Thu, 28 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184301