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2014 (2) TMI 187 - ANDHRA PRADESH HIGH COURTCharitable purpose - Nature of Investment made in immovable property – Corpus fund - Application of Section 13(1)(bb) of the Act - Whether the investment made in immovable property was not for charitable purpose despite the provisions of Section 11(5) of the Income Tax Act, 1961 treating such investment as application for charitable purpose – Held that:- in order to get the benefit under Sections 11 and 12, factually it has to be established that income derived from property held under trust wholly for charitable or religious purposes to the extent to which such income is applied to such purposes - If this factual aspect is not established, the registration does not help otherwise - the application of the fund is not made for charitable activity but for construction of the building, which again does not directly reflect the charitable activities - Even on the record, it does not appear that the assessee had intended to apply the future income, which might be derived from the building so constructed -Tribunal has passed just and correct order there was no reason to interfere as there was no question of law arises which is required to be decided – Decided against Assessee.
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