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Subscription to chit amount - violation u/s 13(1)(d) read with section u/s 11(5), Income Tax |
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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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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 under section 11. whether subscription of chit amount to violation and any case law refernce. and advice Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
As per section 13(1)(d) read with section 1(5) of the Income 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.
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