https://www.taxtmi.com/caselaws?id=241492 The Court upheld the Tribunal's decision that the investment in shares of a cooperative bank by the assessee qualified for exemption under Section 11 of the Income Tax Act. The shares were acquired as a prerequisite for obtaining loans for charitable purposes, not for traditional investment purposes. The Court found the revenue's challenge unfounded, emphasizing that the shares were not acquired for investment but to fulfill loan conditions. The appeal was dismissed, and the assessee retained the benefit of exemption under Section 11 for the relevant assessment year. en-us Tue, 03 Dec 2013 00:00:00 +0530 Wed, 25 Dec 2013 06:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241492 The Court upheld the Tribunal's decision that the investment in shares of a cooperative bank by the assessee qualified for exemption under Section 11 of the Income Tax Act. The shares were acquired as a prerequisite for obtaining loans for charitable purposes, not for traditional investment purposes. The Court found the revenue's challenge unfounded, emphasizing that the shares were not acquired for investment but to fulfill loan conditions. The appeal was dismissed, and the assessee retained the benefit of exemption under Section 11 for the relevant assessment year. Case-Laws Income Tax Tue, 03 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241492