Charity fund invested in joint ventures, risking tax exemption for that income. Courts upheld partial denial.

Charity fund invested in joint ventures, risking tax exemption for that income. Courts upheld partial denial. https://www.taxtmi.com/highlights?id=83533 Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However, only income from violative investment liable to tax, not entire income. Legislature did not intend denial of Section 11 exemption for entire income. View supported by Bombay and Delhi High Court judgments. Investment by assessee in joint venture companies constituted investment in violation of Section 13(1)(d), disentitling exemption u/s 11 for income from such investment only. en-us Sat, 30 Nov 2024 08:41:56 +0530 Sat, 30 Nov 2024 08:41:56 +0530 TaxTMI RSS Generator Charity fund invested in joint ventures, risking tax exemption for that income. Courts upheld partial denial. https://www.taxtmi.com/highlights?id=83533 Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However, only income from violative investment liable to tax, not entire income. Legislature did not intend denial of Section 11 exemption for entire income. View supported by Bombay and Delhi High Court judgments. Investment by assessee in joint venture companies constituted investment in violation of Section 13(1)(d), disentitling exemption u/s 11 for income from such investment only. Highlights Income Tax Sat, 30 Nov 2024 08:41:56 +0530 https://www.taxtmi.com/highlights?id=83533