2016 (11) TMI 1377 - SCH - Income Tax

Violation u/s.11(5) and 13(1)(d) - whether the exemption is to be withdrawn for the entire income or the portion of the income? - Held that - No legal and valid ground for interference. The Special Leave Petition(s) are dismissed. HC order 2014 (6) TMI 980 - KARNATAKA HIGH COURT confirmed. Entire income of the assessee cannot be assessed for the tax, for violating under Section 11(5) read with Sec.31(1)(d) of the Act and what would become the subject matter of assessment is only that income which is the subject matter of violation. - Decided in favour of the assessee

Summary

The Supreme Court of India, in a judgment by Justices Ranjan Gogoi and Abhay Manohar Sapre, dismissed the Special Leave Petition(s) as no legal grounds were found for interference. (Citation: 2016 (11) TMI 1377 - SC Order)