Exemptions available to trusts u/s.11 and 12. - Income Tax - 235/CBDT

INSTRUCTION NO. 235/CBDT Dated: November 3, 1970 Section(s) Referred: 11 ,12 Statute: Income - Tax Act, 1961 The Finance Act of 1970 has made substantial changes regarding the exemptions available to trusts u/s.11 and 12 of the I.T.Act and all the trust cases will now need careful scrutiny and the cases where exemptions have already been granted will also have to be reviewed. The board desire that these cases should be centralised under one or more officers depending upon the work load. In the charges like U.P., Punjab, Madhya Pradesh etc. Where the concentration of such cases will not be at one place, the cases should be assigned to the senior ITO in each place. It should also be emphasized on all the ITOs that while proper scrutiny of the trust cases has to be done, there should be no undue delay in issue of refunds or exemption orders u/s.80 G of the I.T.Act,1961. 2. The CsIT are requested to bring these instructions into effect immediately.