Exemption u/s.11 of the I.T. Act, 1961.

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.... the manufacturers of cement in general and in particular to provide for equitable distribution of cement at reasonable prices. The cement manufacturer was allowed to deduct from the F.O.R. destination price charged from the customer, the following destination price charged from the customer, the following amounts: (i) the retention price of cement; (ii) actual freight and transportation cha....

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....o the income, it will not be taxable as the amounts were received by it merely on trust and the assessee had no beneficial interest in these amounts. Thus the questions for consideration are: (i) whether the claim of C.A.C.O. for exemption u/s.11 of the I.T.Act, 1961 is proper. (ii) whether the contributions of the Member companies to C.A.C.O are admissible as deductions in computation of th....