CIT v. Insanyat Trust

Assistant Commissioner of Income Tax -26(1), Mumbai, Bandra Kurla Complex vs. R D Tata Trust, Mumbai

In the result, the appeal of the Revenue is dismissed

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singhassessment Year: 2013-14

…at it is only if the trust itself has invested then it would result in forfeiture of exemption available under section 11 of the Act. The assessee also cited the following judgments in its favor: 5 R D Tata Trust, AY 2013-14 1. CIT vs. Insanyiat Trust [1988] 173 ITR 248 (Guj.) 2. CIT vs. Birla Charity Trust [1988] 170 ITR 150 (Cal.) 4.1. Assessee also challenged the addition made by the AO u/s 13(2)(h) by invoking the provisions of Section 13(3)(b). According to the assessee, ld. Assessing Officer had invoked section 13(2)(h) in the context of shares held in Tata Sons Ltd. by the trust and contribution of Tata…