Exemption u/s. 11 & 12 can be denied for Investment of borrowed fund by trust in Companies in which founders have substantial interest

ITAT CHENNAI BENCH ‘B’

Income-tax Officer (OSD) Exemptions, Chennai

V/s.

KAS Foundation

IT APPEAL NOS. 1892 & 1893 (MDS.) OF 2010

C.O. NoS. 83 & 84 (MDS.) of 2011

[ASSESSMENT YEAR 2007-08]

MAY 10, 2012

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