https://www.taxtmi.com/caselaws?id=209042 The High Court upheld the exemption under sections 11 and 12 of the Income-tax Act for a charitable trust that received shares as donations, allowing time for disinvestment within the stipulated period. The Court dismissed the Revenue's appeal, emphasizing that the shares had not exceeded the disinvestment deadline during the relevant assessment year, and the denial of exemption was premature. The Court's decision aligned with the Tribunal's interpretation, affirming that the assessee was entitled to hold the investment without losing the benefits of the Act. en-us Wed, 30 Mar 2011 00:00:00 +0530 Thu, 01 Aug 2013 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209042 The High Court upheld the exemption under sections 11 and 12 of the Income-tax Act for a charitable trust that received shares as donations, allowing time for disinvestment within the stipulated period. The Court dismissed the Revenue's appeal, emphasizing that the shares had not exceeded the disinvestment deadline during the relevant assessment year, and the denial of exemption was premature. The Court's decision aligned with the Tribunal's interpretation, affirming that the assessee was entitled to hold the investment without losing the benefits of the Act. Case-Laws Income Tax Wed, 30 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209042