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of The HC ruled that the Assessee's purchase of shares in BARC, a Section 25 company (non-profit), did not constitute an 'investment' under Sections 11(5) and 13(1)(d) of the Income Tax Act. The Court determined that an essential feature of 'investment' is the intention to earn financial returns or profits. Since BARC was legally prohibited from distributing dividends or profits to shareholders, and its surplus upon liquidation would transfer to another charitable entity, the Assessee's fund deployment was not intended to yield income. Rather, it was made to fulfill statutory and regulatory obligations advancing charitable objectives. Consequently, the Court affirmed the CIT(A) and ITAT decisions allowing exemption under Sections 11 and 12, ruling against revenue.
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