https://www.taxtmi.com/caselaws?id=14441 The court upheld the trust's position that investing in a time deposit with a scheduled bank constituted a valid form of investing money for charitable purposes under section 11 of the Income-tax Act. The court clarified that a fixed term deposit in a scheduled bank qualifies as a capital asset, aligning with the provisions of the Act. The Revenue's argument that term deposits did not meet the requirements of section 11(5) was dismissed, and the court found the trust's actions compliant with the law, ultimately dismissing the appeal for lacking merit. en-us Mon, 20 Nov 2000 00:00:00 +0530 Wed, 15 Jul 2009 18:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14441 The court upheld the trust's position that investing in a time deposit with a scheduled bank constituted a valid form of investing money for charitable purposes under section 11 of the Income-tax Act. The court clarified that a fixed term deposit in a scheduled bank qualifies as a capital asset, aligning with the provisions of the Act. The Revenue's argument that term deposits did not meet the requirements of section 11(5) was dismissed, and the court found the trust's actions compliant with the law, ultimately dismissing the appeal for lacking merit. Case-Laws Income Tax Mon, 20 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14441