Denial of exemption u/s 10(34) and 10(35) for dividend and mutual fund income by invoking Sections 13(1)(d) and 13(2)(h) was unjustified

Tata Education Trust Vs DCIT (Exemptions) (ITAT Mumbai)

Conclusion: Assessee, being a charitable trust registered under Section 12A, was entitled to exemption under Sections 10(34) and 10(35) for dividend and mutual fund income therefore, denial of exemption by invoking Sections 13(1)(d) and 13(2)(h) was unjustified, as these provisions did not override independent exemptions under Section 10.

Held: Assessee, a charitable trust registered u/s 12A, claimed exemption u/s 10(34) and 10(35) in respect of dividend income and income from mutual fu

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