Exemption available u/s 11(1)(a) - the word applied need not necessarily imply spent. Even if the income...

Exemption available u/s 11(1)(a) - the word applied need not necessarily imply spent. Even if the income is irretrievably earmarked and allocated for the charitable or religious purposes or purposes it may be under section 11 (1)(a) of the Act. - AT .....

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