https://www.taxtmi.com/caselaws?id=185336 The tribunal allowed the appellant's appeal for statistical purposes, emphasizing the necessity of a detailed reassessment of chit fund contributions to determine eligibility for exemption under S.11. The tribunal clarified that any investment not compliant with S.11(5) would result in the loss of exemption under S.11, rejecting arguments that non-compliant investments would not affect exemption status. The appellant's lack of S.10(23C) approval led the tribunal to stress the importance of adhering to S.11 provisions and conducting a thorough review of chit fund activities to establish eligibility for exemption. en-us Fri, 16 Mar 2012 00:00:00 +0530 Wed, 10 Aug 2016 11:20:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185336 The tribunal allowed the appellant's appeal for statistical purposes, emphasizing the necessity of a detailed reassessment of chit fund contributions to determine eligibility for exemption under S.11. The tribunal clarified that any investment not compliant with S.11(5) would result in the loss of exemption under S.11, rejecting arguments that non-compliant investments would not affect exemption status. The appellant's lack of S.10(23C) approval led the tribunal to stress the importance of adhering to S.11 provisions and conducting a thorough review of chit fund activities to establish eligibility for exemption. Case-Laws Income Tax Fri, 16 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185336