Exemption U/s. 11 can be denied for Advances given to unregistered trusts in violation of Section 13

ACIT Vs Hooghly Engineering & Technology College Society (ITAT Kolkata) In the instant case, Mr Manas Dasgupta is a trustee of the trust. He is also President of other two independent trusts. From the bare reading of provisions of section 13(3) of the Act, we find that the term ‘concern’ used in clause (e) of section 13(3) of the Act would cover ‘trust’ also. But the crucial question is whether Mr Manas Dasgupta would be entitled for 20% of profits of the said concern as per Explanation 3 to section 13 of the Act so as to state that he is holding substantial interest in the said tr...