https://www.taxtmi.com/caselaws?id=796685 Section 13(1)(c), read with sections 13(2)(a) and 13(3), restricts section 11 exemption only to income or property applied for the benefit of specified persons, including trustees. Where loans or advances to trustees create such a benefit, the maximum marginal rate applies only to the attributable benefit or income, while the trust's remaining income continues to qualify for exemption subject to other statutory conditions. The notes state that this interpretation is supported by CBDT Circular No. 387 and that later statutory amendment recognised the established position, rather than requiring forfeiture of exemption for the entire charitable income. en-us Tue, 04 Aug 2026 00:00:00 +0530 Sat, 08 Aug 2026 08:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796685 Section 13(1)(c), read with sections 13(2)(a) and 13(3), restricts section 11 exemption only to income or property applied for the benefit of specified persons, including trustees. Where loans or advances to trustees create such a benefit, the maximum marginal rate applies only to the attributable benefit or income, while the trust's remaining income continues to qualify for exemption subject to other statutory conditions. The notes state that this interpretation is supported by CBDT Circular No. 387 and that later statutory amendment recognised the established position, rather than requiring forfeiture of exemption for the entire charitable income. Case-Laws Income Tax Tue, 04 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796685