Section 11: Loan Refund to Trust Not Taxable !

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Section 11 deals with exemption to income of property held by trust. Mumbai High court  in CIT vs Trustees of Kasturbai Scindia Commission Trust [1991] 189 ITR 5 (BOM.) was seized with the issue  whether repayment of loan by the scholars who had taken the loans from the assessee-trust can be construed as income of the trust?…

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