Violation under section 13(1)(d) does not attracts denial of exemption to trust

Only income from investment or deposit which has been made in violation of section 11(5) that is liable to be taxed and that violation under section 13(1)(d) does not attracts denial of exemption to trust.

Reading of the proviso to section 142 (sic- section 164) is very clear that the legislature has clearly contemplated that in a case, where the whole or part of the relevant income is not exempted under section 11 by virtue of violation of section 13(1)(d), tax shall be levied on the relevant income or a part of the relevant income at the maximum marginal rate.