Assessee is  public trust registered under section 12AA. Assessee leased out two lands owned by it to two companies. During year, assessee claimed exemption under section 11 on lease rent received by it. Assessing Officer held  that lessee companies were part of same group where trustees of assessee-trust and their relatives held more than 50 per cent of shares.  Thus, tenants were specified persons under section 13(3) and provisions of section 13(1)(c) were applicable and assessee was not entitled to claim exemption under section 11. Since assessee had received rent from two tenants who were specified persons under section 13(3) which was in clear violation of provisions of section 13(1)(c) read with section 13(1)(b), assessee is  not entitled to claim exemption under section 11.   (AY. 2016-17)