Section 10(34)/(35) Exemption Allowed Despite Sec. 11 Denial: ITAT Mumbai

DCIT Vs Tata Social Welfare Trust (ITAT Mumbai) Sec. 11 Denied? No Problem – Sec. 10(34)/(35) Still Saves the Day, Rules ITAT- ITAT Mumbai grants massive relief to Tata Social Welfare Trust – Sec. 10(34)/10(35) exemption allowed despite Sec. 13 allegations, bonus shares not “prohibited investment”, 80G/80GGA This consolidated order covers seven appeals relating to Tata Social Welfare Trust for AYs 2008-09, 2010-11, 2013-14, 2014-15 (Revenue appeals), AY 2015-16 (assessee appeal), & AYs 2016-17 & 2017-18 (Revenue appeals). The core issues were: (i) Whether dividend & mutual ...