2012 (5) TMI 84

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..... ly for personal benefits of the Chairman and family members - Held that: the finding of the Tribunal because as a matter of fact the Tribunal found that there is a violation of section 13(1)(d) inasmuch as Rs. 50,000/- belonging to the trust remained invested during the previous year in a private finance company. Even though counsel for the appellant raised a contention that investment itself is n .....

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..... ing Counsel for respondent. 2. Appellant, though claimed exemption as a charitable institution, the Assessing Officer in a detailed order held several violations disentitling assessee for exemption. The finding of the Assessing Officer is that the funds of the Trust have been utilised substantially for personal benefits of the Chairman and family members. One of the grounds on which exemption .....

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..... ellant raised a contention that investment itself is not made in the previous year relevant for the assessment year i.e. 1998-99, we do not think disqualification applies only for deposit made in the previous year, but applies to deposits retained in the previous year. The disability under section 13(1)( d ) is against deposit of surplus amount by charitable institutions anywhere other than the .....

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