https://www.taxtmi.com/caselaws?id=13137 Denial of exemption under ss. 11 and 12 was challenged on the ground that the assessee-trust had made deposits with entities later found to be non-public undertakings, allegedly violating s. 11(5). The HC held that the Tribunal rightly treated the deposits as made on the basis of misrepresentation by the recipient entities, with no mala fides or linkage attributable to the assessee, and noted that the assessee promptly withdrew the funds upon learning the true status. Treating s. 11(5) as aimed at preventing improper investment by the trust, the HC found no legal infirmity in the Tribunal's appreciation of facts and declined to interfere; the Revenue's appeal was dismissed. en-us Tue, 14 Aug 2001 00:00:00 +0530 Mon, 22 Dec 2025 21:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13137 Denial of exemption under ss. 11 and 12 was challenged on the ground that the assessee-trust had made deposits with entities later found to be non-public undertakings, allegedly violating s. 11(5). The HC held that the Tribunal rightly treated the deposits as made on the basis of misrepresentation by the recipient entities, with no mala fides or linkage attributable to the assessee, and noted that the assessee promptly withdrew the funds upon learning the true status. Treating s. 11(5) as aimed at preventing improper investment by the trust, the HC found no legal infirmity in the Tribunal's appreciation of facts and declined to interfere; the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 14 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13137