Assessee, a charitable institution, was engaged in distribution of essential commodities provided by State Government, on subsidy. It had invested funds in shares of joint venture companies.\u00a0 The AO denied the exemotion on entire income of the institution.\u00a0 Which was affirmed by the CIT(A)\u00a0 and Tribuanl. On appeal\u00a0 the Tribunal held that\u00a0 investment made by assessee in its joint venture companies was an investment made in violation of section 11 (5) read with section 13(1)(d) and, therefore, assessee was not entitled to claim benefit of exemption under section 11, however, only income from such an investment made in violation of section 13(1)(d) was liable to tax and not entire income accrued to assessee. (AY. 1994-95 to 2001-02)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Invested funds in shares of joint venture companies-Not entitle to claim exemption-Only income from such an investment made in violation of section 13(1)(d) was liable to tax and not entire income accrued to assessee.[S. 2(15),11(5) 13(1)(d)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55901","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-exD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55901"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55901\/revisions"}],"predecessor-version":[{"id":55902,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55901\/revisions\/55902"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}