Trust's Chit Subscriptions Violate Section 11(5); Exemption Denied, Taxable Income Limited to Violation Extent.

Exemption u/s.11 - Subscription to the chits is nothing but the investment which is not one of the prescribed mode of investment u/s.11(5). Therefore it is a clear case of violation of provisions of Section 11(5), hence assessee trust is not entitled for exemption u/s. 11 - AO directed to restrict the taxable income to the extent of violation of Section 11(5) .....

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