1988 (5) TMI 64 - AT - Income Tax

Summary

The assessee, a public charitable trust, filed for exemption under s. 11 of the Act but was denied by the ITO. The CIT(A) also confirmed the assessment order. However, the Tribunal ruled in favor of the assessee, stating that the investment deadline had not passed, so the assessee was eligible for exemption under s. 11 of the Act. The appeal was allowed.