Exemption U/s. 11 cannot be denied for mere Subscription to chit funds by Trust

ITAT CHENNAI BENCH ‘C’ Sethu Valliammal Educational Trust Versus Income tax Officer (Exemptions)-III IT Appeal No. 1445 (MDS.) of 2012 [Assessment Year 2008-09] Date of Pronouncement – 10.01.2013 ORDER Abraham P. George, Accountant Member In this appeal filed by the assessee, its grievance is that it was denied exemption under Section 11 of Income-tax Act, 1961 (in short ‘the Act’) for a reason that it had violated Section 11(5) by subscribing to certain chits. 2. Facts apropos are that assessee, a Trust registered under Section 12AA of the Act, runni...