https://www.taxtmi.com/caselaws?id=464373 ITAT held that exemption under s.11 was not fully available where trust funds were retained in a personal account, but surrounding conduct of the chairman collecting fees in remote areas did not itself breach the trust deed if amounts were promptly deposited into the trust account. A retained sum of Rs. 13,46,927 kept without specific purpose in the chairman's personal account was disallowed under ss.13(1)(c)/(d) read with s.13(3). The tribunal restricted the tax addition to Rs. 13,46,927 and partly allowed the assessee's appeal. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sat, 25 Oct 2025 17:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464373 ITAT held that exemption under s.11 was not fully available where trust funds were retained in a personal account, but surrounding conduct of the chairman collecting fees in remote areas did not itself breach the trust deed if amounts were promptly deposited into the trust account. A retained sum of Rs. 13,46,927 kept without specific purpose in the chairman's personal account was disallowed under ss.13(1)(c)/(d) read with s.13(3). The tribunal restricted the tax addition to Rs. 13,46,927 and partly allowed the assessee's appeal. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464373