Sec. 11 Exemption cannot be denied fully for mutual fund investment

The Assessing Officer has denied the benefit of exemption u/s. 11 and 12 of the Act on the entre surplus generated by the assessee merely for the reason that the assessee has made investment in funds not approved u/s. 10(23D) of the Act. It is no more res integra that where the investments or deposits are made by charitable trust are in violation of section 11(5) of the Act, the benefit of exemption u/s. 11 of the Act would not be denied on the entire income of the assessee. It is only the investments or deposits made in violation of provisions of section 11(5) of the Act that would attract ma...