Exemption u/s 11 available against receipt of trust from activities like sale of plots/ flats

Improvement Trust Vs ACIT (ITAT Chandigarh) ITAT Chandigarh held that receipts of the assessee trust from its activities of sale of plots, flats and commercial booths and also its income earned form non-construction fee, transfer fee, penal interest and compounding fee, etc., are held to be entitled for exemption under Section 11 of the I.T. Act. Facts- Vide notice issued u/s 143(1) of the Income Tax Act, 1961, the Assessee was asked to show cause as to why exemption u/s. 11 and 12 of the I.T. Act be not disallowed. It was stated that it had been observed that the Assessee had earned income fr...