https://www.taxtmi.com/caselaws?id=390989 The Tribunal partly allowed the Revenue's appeals, finding a violation of Section 11(5) of the Income Tax Act by the trust in subscribing to chit funds. It held that the chit fund subscriptions constituted independent investments not compliant with the prescribed modes under Section 11(5), rendering the trust ineligible for exemption under Section 11 for the relevant assessment years. The Tribunal directed the Assessing Officer to restrict the taxable income in line with Section 11(3) of the Act. en-us Thu, 21 Nov 2019 00:00:00 +0530 Thu, 16 Jan 2020 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390989 The Tribunal partly allowed the Revenue's appeals, finding a violation of Section 11(5) of the Income Tax Act by the trust in subscribing to chit funds. It held that the chit fund subscriptions constituted independent investments not compliant with the prescribed modes under Section 11(5), rendering the trust ineligible for exemption under Section 11 for the relevant assessment years. The Tribunal directed the Assessing Officer to restrict the taxable income in line with Section 11(3) of the Act. Case-Laws Income Tax Thu, 21 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390989