https://www.taxtmi.com/caselaws?id=15098 Section 13(1)(d) read with section 11(5) was invoked to deny exemption under section 11 to a section 12A-registered charitable society on the footing that funds were placed in an impermissible "investment" or "deposit." The HC held that "investment," "deposit," and "loan" are distinct, and section 11(5) regulates only prescribed modes of investment/deposit. Applying the commercial meaning of "deposit," it ruled that the impugned transaction was in substance a loan/direct bailment, creating an obligation to return on conditions, and was neither an investment nor a deposit; this factual finding by the Tribunal raised no question of law. The petition was dismissed, leaving the Tribunal's grant of exemption undisturbed. en-us Thu, 25 May 2000 00:00:00 +0530 Sat, 20 Dec 2025 21:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15098 Section 13(1)(d) read with section 11(5) was invoked to deny exemption under section 11 to a section 12A-registered charitable society on the footing that funds were placed in an impermissible "investment" or "deposit." The HC held that "investment," "deposit," and "loan" are distinct, and section 11(5) regulates only prescribed modes of investment/deposit. Applying the commercial meaning of "deposit," it ruled that the impugned transaction was in substance a loan/direct bailment, creating an obligation to return on conditions, and was neither an investment nor a deposit; this factual finding by the Tribunal raised no question of law. The petition was dismissed, leaving the Tribunal's grant of exemption undisturbed. Case-Laws Income Tax Thu, 25 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15098