This content is restricted to site members. If you are an existing user, please log in. New users may register below.Existing Users Log InUsername or EmailPassword Remember Me Forgot password? Click here to resetNew User? Click here to register Post navigation Income Tax Act, 1961 – Sections 2(15) and 11 – Exemption for income derived from property held under trust – the matter requires to be re-examined, and the question as to whether the amounts received by the assessee qualify for exemption, under Section 2 (15) or Section 11 needs to be gone into afresh. Income Tax Act 1961- Sections 132 and 153C – Section 153C has been amended by way of substitution whereby the words “belongs or belong to” have been substituted by the words “pertains or pertain to” – Amendment by substitution has the effect of wiping the earlier provision from the statute book and replacing it with the amended provision as if the unamended provision never existed.