https://www.taxtmi.com/caselaws?id=755119 ITAT Surat held that a trust was entitled to exemption under Section 11(1A) for capital gains from investment in public sector company deposits, following Calcutta HC precedent in East India Charitable Trust case. The tribunal directed AO to verify assessee's claim that capital gains were utilized for purchasing immovable property in subsequent years. Additionally, ITAT allowed deduction under Section 11(1) for interest income from FDs and savings accounts, noting that bank investments are permitted modes under Section 11(5) and CIT(A) made disallowance without proper show cause notice. Both grounds of appeal were allowed. en-us Wed, 03 Jul 2024 00:00:00 +0530 Sat, 06 Jul 2024 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755119 ITAT Surat held that a trust was entitled to exemption under Section 11(1A) for capital gains from investment in public sector company deposits, following Calcutta HC precedent in East India Charitable Trust case. The tribunal directed AO to verify assessee's claim that capital gains were utilized for purchasing immovable property in subsequent years. Additionally, ITAT allowed deduction under Section 11(1) for interest income from FDs and savings accounts, noting that bank investments are permitted modes under Section 11(5) and CIT(A) made disallowance without proper show cause notice. Both grounds of appeal were allowed. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755119