https://www.taxtmi.com/caselaws?id=11486 The High Court of Madras addressed the denial of exemption from wealth-tax to a charitable trust for assessment years 1987-88 and 1988-89 due to investments made contrary to the Income-tax Act. The Assessing Officer initially denied the exemption, but the Commissioner and Tribunal reversed this decision. The court ruled in favor of the Revenue on the specific question referred but clarified that the trust was entitled to exemption for the relevant assessment years, emphasizing the extended time frame for compliance with investment regulations. en-us Tue, 09 Dec 2003 00:00:00 +0530 Mon, 10 Aug 2009 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11486 The High Court of Madras addressed the denial of exemption from wealth-tax to a charitable trust for assessment years 1987-88 and 1988-89 due to investments made contrary to the Income-tax Act. The Assessing Officer initially denied the exemption, but the Commissioner and Tribunal reversed this decision. The court ruled in favor of the Revenue on the specific question referred but clarified that the trust was entitled to exemption for the relevant assessment years, emphasizing the extended time frame for compliance with investment regulations. Case-Laws Income Tax Tue, 09 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11486