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 ORDER V. Durga Rao, Judicial Member  These are appeals filed by the Revenue and cross objections filed by different assessees against the order of the ld. CIT(A)- XII Chennai dated 31.08.2010 for Assessment Year 2007-08. Facts being identical, we are disposing off these appeals and cross objections through this consolidated order for the sake of brevity and ...