Indian Golf Union v. ITO (E) (2022) 196 ITD 235 (Delhi)(Trib.)

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Investment in a company-Denial of exemption is valid. [S. 11(5), 12A, 13(1)(d)]

Held that assessee-society, engaged in organizing golf tournaments in India and abroad, invested 85 per cent of its income for purpose of donation however made investment of remaining amount in a company, since said mode of investment in a company was other than those specified under section 11(5), benefit of exemption claimed under section 11 could not be granted in view of section 13(1)(d) of the Act. Order of AO denying the exemption is affirmed.  (AY.2015-16)