https://www.taxtmi.com/caselaws?id=760319 ITAT Mumbai allowed the assessee trust's appeal, restoring section 11 exemption. The tribunal held that section 13(1)(d) was not applicable as shares were received as corpus donations, not investments of trust funds. Section 13(2)(h) violation was rejected since no trustee held more than 20% voting power in the company. Section 13(1)(c) provisions were incorrectly applied as payments were for past services, not trust income application. The trust was not engaged in business despite holding 23.56% shareholding, as income consisted only of dividends and donations, not business income. en-us Mon, 26 Aug 2024 00:00:00 +0530 Fri, 18 Oct 2024 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760319 ITAT Mumbai allowed the assessee trust's appeal, restoring section 11 exemption. The tribunal held that section 13(1)(d) was not applicable as shares were received as corpus donations, not investments of trust funds. Section 13(2)(h) violation was rejected since no trustee held more than 20% voting power in the company. Section 13(1)(c) provisions were incorrectly applied as payments were for past services, not trust income application. The trust was not engaged in business despite holding 23.56% shareholding, as income consisted only of dividends and donations, not business income. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760319