https://www.taxtmi.com/caselaws?id=11793 Money advanced to a sister concern was not treated as application of income for charitable purposes because it remained unspent and outside the assessee's control throughout the relevant year. Expenditure made only after the close of the accounting year also did not qualify as application in that earlier year, since charitable application must relate to the relevant previous year. The advance further offended the statutory investment restrictions because trust funds were deployed in a related concern outside the prescribed modes, without interest or security, attracting section 13(1)(d) read with section 11(5). The questions were answered for the Revenue, and exemption protection was denied on the impugned advance. en-us Tue, 08 Oct 2002 00:00:00 +0530 Tue, 09 Feb 2010 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11793 Money advanced to a sister concern was not treated as application of income for charitable purposes because it remained unspent and outside the assessee's control throughout the relevant year. Expenditure made only after the close of the accounting year also did not qualify as application in that earlier year, since charitable application must relate to the relevant previous year. The advance further offended the statutory investment restrictions because trust funds were deployed in a related concern outside the prescribed modes, without interest or security, attracting section 13(1)(d) read with section 11(5). The questions were answered for the Revenue, and exemption protection was denied on the impugned advance. Case-Laws Income Tax Tue, 08 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11793