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Investment in Chit Fund isn't prescribed modes of investment u/s 11(5); ITAT disallowed trust exemption

January 14, 2020[2020] 113 64 (Chennai - Trib.)

INCOME TAX: Where assessee trust had invested its surplus fund in chit fund during preceding assessment year, it was a clear case of violation of provisions of section 11(5), hence, assessee-trust was not entitled for exemption under section 11
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