Exemption u/s 11 denied as surplus utilized in violation of section 13

Nabadigant Educational Trust Vs ITO (ITAT Cuttack) Held that the assesee’s funds/surplus has been utilised and diverted in violation of several provisions of Section 13(1) & 13(2) of the Act. Exemption u/s 11 denied. Facts- The appellant is a trust registered u/s.12A and 80G of the Income Tax Act, 1961. Assessment order u/s.143(3) of the Act was passed on 30.12.2011. The appellant claimed exemption u/s.11 & 12 of the Act. The AO doubted the genuineness of the activities of the trust and invoked section 13 of the Act and denied benefit u/s.11 of the Act by taxing the total surplus as ...