Trust Income to the extent of section 13 violation is liable to tax at maximum marginal rate; Exemption cannot be denied

CIT (Exemption) Vs Mukund Bhavan Trust (Bombay High Court) Bombay High Court held that Income of trust to the extent of violation of section 13 of Income Tax Act, 1961 is liable to tax at maximum marginal rate. Section 11 Exemption cannot be denied for violation of section 13 of the Act. FULL TEXT OF THE JUDGMENT/ORDER OF BOMBAY HIGH COURT This appeal filed under section 260A of the Income Tax Act, 1961 (‘the Act’) challenges the order dated 28th June, 2017 passed by the Income Tax Appellate Tribunal, Mumbai Bench (‘ITAT’), whereby the appeal, being Income Tax Appeal No. 223/PUN/2014 f...