2002 (3) TMI 4

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..... on under section 11 should be restricted to the income arising from investments which are in contravention of the provisions of section 13(1)(d) of the Act and that the Income-tax Officer should re-examine the assessee's claim in the light of its decision in the case of Thuluva Vellala Association?" - As the assessee is entitled to exemption of its income under section 11 of the Act, there is no n .....

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..... m investments which are in contravention of the provisions of section 13(1)(d) of the Act and that the Income-tax Officer should re-examine the assessee's claim in the light of its decision in the case of Thuluva Vellala Association?" We will consider the second question first. Section 13(1)(d) of the Income tax Act was amended by the Finance (No. 2) Act, 1991, with retrospective effect from Apr .....

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..... the Act, having regard to proviso (iia) of section 13(1)(d) of the Act. As the assessee is entitled to the exemption in full, the Tribunal's direction to the Assessing Officer to re-examine the case of the assessee in the light of its earlier judgment does not survive. As the assessee is entitled to exemption of its income under section 11 of the Act, there is no need to invoke section 80L of t .....

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