5,163 results for “disallowance”+ Section 13clear
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In the result, the appeal of the Assessee is allowed
Section 13(1) of the Act, then\nthere was absolutely no necessity to introduce a specific statutory\nmechanism providing for denial of exemption only to the extent of income\nso diverted. Once the registration is cancelled or withdrawn, the trust\nceases to be eligible for exemption altogether and the question of\nproportionate disallowance