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2004 (10) TMI 71 - HC - Income TaxTrust - investment of the value thereof received by the trust by way of donation - "1. Whether Tribunal was justified in holding that an investment of the value thereof received by a trust by way of donation cannot be treated as an investment within the meaning of section 13 of the Income-tax Act, 1961? – Held that the words "funds" and "investment" have different - The value of the investment received by the trust by way of donation cannot be treated as investment within the meaning of section 13(2)(h). In the present case, the respondent-trust had received shares of M/s. J.K. Synthetics Ltd. by way of donation, therefore, it cannot be treated that the trust has made investment of its funds in respect of the aforesaid donation - In view of the conclusion arrived at that the provisions of section 13(1)(c) and 13(2)(h) of the Income-tax Act are not applicable, the Tribunal was justified in granting the exemption under the Wealth-tax Act also. Tribunal was justified in allowing exemption under section 11 of the Income-tax Act, 1961, to the trust
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