Dismissing the appeal of the revenue the Court held that ;denial of exemption to be restricted to income from shares to be taxed at marginal rate under S. 164(2) of the Act.
CIT v. Santokba Durlabhji Trust Fund. (2018) 406 ITR 457 (Raj) (HC) Editorial: SLP is granted to the revenue ; CIT v. Santokba Durlabhji Trust Fund. (2018) 404 ITR 2 ( St)
S. 13 : Denial of exemption-Trust or institution-Investment restrictions -Holding shares in a company- Denial of exemption to be restricted to income from shares to be taxed at marginal rate under S. 164(2) [ S. 11,13(1))(d)(iii), 164 (2)]