https://www.taxtmi.com/caselaws?id=170332 A charitable trust registered under the Income-tax Act did not lose exemption under sections 11 and 12 merely because of a limited investment in non-specified shares or other unproved allegations. The Tribunal found no material change in the trust's charitable objects or activities, held the agricultural income objection speculative, and treated the corpus-donation and diversion allegations as unsubstantiated. Running educational institutions and earning incidental income did not by itself defeat charitable character. Only income, if any, arising from a prohibited investment could be taxed in accordance with law; the trust's exemption otherwise remained available. en-us Wed, 10 Dec 2014 00:00:00 +0530 Thu, 12 Aug 2021 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170332 A charitable trust registered under the Income-tax Act did not lose exemption under sections 11 and 12 merely because of a limited investment in non-specified shares or other unproved allegations. The Tribunal found no material change in the trust's charitable objects or activities, held the agricultural income objection speculative, and treated the corpus-donation and diversion allegations as unsubstantiated. Running educational institutions and earning incidental income did not by itself defeat charitable character. Only income, if any, arising from a prohibited investment could be taxed in accordance with law; the trust's exemption otherwise remained available. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170332