Allowing the appeal of the revenue the Appellate Tribunal held that the assessee trust had invested in chit fund during preceding assessment year, it was a clear case of violation of provisions of S. 11(5), hence, assessee-trust was not entitled for exemption.
ACIT v. Sree Gokulam Educational and Medical Trust. (2020)181 ITD 572 (Chennai) (Trib.)
S. 11 : Property held for charitable purposes – Investment of surplus fund in chit fund – Denial of exemption is held to be justified [ S. 2(15) ,11(5) ]