Charitable institution invested funds in shares of joint venture ...

Charity fund invested in joint ventures, risking tax exemption for that income. Courts upheld partial denial.

November 30, 2024

Case Laws Income Tax HC

Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However, only income from violative investment liable to tax, not entire income. Legislature did not intend denial of Section 11 exemption for entire income. View supported by Bombay and Delhi High Court judgments. Investment by assessee in joint venture companies constituted investment in violation of Section 13(1)(d), disentitling exemption u/s 11 for income from such investment only.

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Charitable institution invested funds in shares of joint venture ...

Charity fund invested in joint ventures, risking tax exemption for that income. Courts upheld partial denial.

November 30, 2024

Case Laws Income Tax HC

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