https://www.taxtmi.com/caselaws?id=428611 The ITAT held that the trust loses exemption only to the extent of the violation of Section 13 and not on the whole of its income. The AO was directed to determine the portion of income on which the trust loses its exemption and to assess whether such income is taxable in the hands of specified persons under Sections 56(2)(vii) or 28(iv). Appeals by the AO for AYs 2008-09 to 2011-12 were dismissed, but matters were remanded to the AO for income computation under Section 13(1)(c). The ITAT upheld the CIT(A)'s decision on the taxability of dividend income under Section 10(34). en-us Fri, 30 Sep 2022 00:00:00 +0530 Mon, 10 Oct 2022 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428611 The ITAT held that the trust loses exemption only to the extent of the violation of Section 13 and not on the whole of its income. The AO was directed to determine the portion of income on which the trust loses its exemption and to assess whether such income is taxable in the hands of specified persons under Sections 56(2)(vii) or 28(iv). Appeals by the AO for AYs 2008-09 to 2011-12 were dismissed, but matters were remanded to the AO for income computation under Section 13(1)(c). The ITAT upheld the CIT(A)'s decision on the taxability of dividend income under Section 10(34). Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428611