Section 11 Exemption Denied: Chit Fund Subscriptions Not Considered Investments for Charitable Purposes u/s 2(15.

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....Disallowance of Exemption u/s 11 - Charitable purpose 2(15) - Subscription paid by a subscriber of a chit to a chit company acting as the foreman of the chit cannot be considered as an investment. Subscribing to a chit fund is not with an intention to earn interest or dividend. - AT....