Exemption U/s. 11 cannot be denied for Acceptance of Shares as Corpus fund & Utilisation of its sale proceeds towards donation to Corpus of other trust

IN THE ITAT DELHI BENCH ‘G’ Sera Foundation versus Income-tax Officer (Exemption), Trust Ward – I IT APPEAL NOs. 1854 & 2697 (DELHI) OF 2011 and 1327 (delhi) of 2012 [ASSESSMENT YEARs 2006-07 and 2007-08] OCTOBER 12, 2012 ORDER S.V. Mehrotra, Accountant Member   This appeal filed on 19-04-2012 by the assessee is against the order dated 15-03-2011 of the Ld. CIT(A), New Delhi for AY 2006-07. 2. The assessee is a charitable institution formed under the Societies Registration Act, 1860 vide its Memorandum of Association dated 08.08.1966. The assessee trust ...