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Subscription to chit amount - violation u/s 13(1)(d) read with section u/s 11(5)

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....ubscription to chit amount - violation u/s 13(1)(d) read with section u/s 11(5)<br> Query (Issue) Started By: - GOVINDASAMY RADHAKRISHNAN Dated:- 23-1-2010 Last Reply Date:- 29-1-2010 Income Tax<br>Go....

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....t 1 Reply<br>Income Tax<br>One of our client Trust Subscribed Registered chit. The A.O. viewed as violation u/s 13(1)(d) read with section u/s 11(5) of the IT Act,1961.and diallowing exemption claimed....

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.... under section 11. whether subscription of chit amount to violation and any case law refernce. and advice Reply By Surender Gupta: The Reply: As per section 13(1)(d) read with section 1(5) of the Inc....

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....ome Tax Act, only the eligible investment is allowed for exemption. You have to satisfy the condition. If the registered chit is eligible investment, AO can not disallow the same.<br> Discussion Forum....

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.... - Knowledge Sharing ....

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