https://www.taxtmi.com/caselaws?id=340170 The Tribunal dismissed the Department's appeal and upheld the Commissioner's order in a case involving a public charitable trust. The trust's exemption under sections 11 and 12 was denied due to investments in unapproved mutual funds. The Tribunal clarified that only income from specific investments made in violation of the law should attract higher tax rates, not the entire income of the trust. The judgment emphasized the correct application of tax rates in cases of violations, based on established legal principles and precedents. en-us Fri, 10 Mar 2017 00:00:00 +0530 Fri, 17 Mar 2017 11:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340170 The Tribunal dismissed the Department's appeal and upheld the Commissioner's order in a case involving a public charitable trust. The trust's exemption under sections 11 and 12 was denied due to investments in unapproved mutual funds. The Tribunal clarified that only income from specific investments made in violation of the law should attract higher tax rates, not the entire income of the trust. The judgment emphasized the correct application of tax rates in cases of violations, based on established legal principles and precedents. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340170