https://www.taxtmi.com/caselaws?id=10711 The court held that donations credited to the suspense account did not qualify for exemption under Section 12 as the trust failed to follow prescribed procedures. Amount spent on capital assets was rightly deleted. Credits in individuals' names were likely upheld. Membership subscriptions were exempt under Section 11. Interest income from fixed deposits was not taxable. Agricultural income was not considered for Section 11. Donations received were exempt under Section 11. Subscription income was also exempt under Section 11 as income derived from trust property. The court provided detailed reasoning for each conclusion, clarifying the application of Sections 11 and 12 of the Income-tax Act, 1961. en-us Wed, 21 Apr 2004 00:00:00 +0530 Wed, 22 Jul 2009 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10711 The court held that donations credited to the suspense account did not qualify for exemption under Section 12 as the trust failed to follow prescribed procedures. Amount spent on capital assets was rightly deleted. Credits in individuals' names were likely upheld. Membership subscriptions were exempt under Section 11. Interest income from fixed deposits was not taxable. Agricultural income was not considered for Section 11. Donations received were exempt under Section 11. Subscription income was also exempt under Section 11 as income derived from trust property. The court provided detailed reasoning for each conclusion, clarifying the application of Sections 11 and 12 of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 21 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10711