https://www.taxtmi.com/caselaws?id=18046 The court upheld the Income-tax Officer's decision to reopen the assessment of an assessee-trust for the assessment year 1973-74. The trust's funds invested in concerns with close relatives of trustees violated sections 13(1)(c)(ii), 13(2)(h), and 13(3), rendering the trust ineligible for exemption under section 11. Previous violations in other assessment years supported this decision. The court emphasized that trust income must be used for charitable purposes and not retained in partnerships with specified connections under section 13. The judgment favored the Revenue on all questions raised in the references. en-us Thu, 04 Jul 1996 00:00:00 +0530 Wed, 02 Nov 2016 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18046 The court upheld the Income-tax Officer's decision to reopen the assessment of an assessee-trust for the assessment year 1973-74. The trust's funds invested in concerns with close relatives of trustees violated sections 13(1)(c)(ii), 13(2)(h), and 13(3), rendering the trust ineligible for exemption under section 11. Previous violations in other assessment years supported this decision. The court emphasized that trust income must be used for charitable purposes and not retained in partnerships with specified connections under section 13. The judgment favored the Revenue on all questions raised in the references. Case-Laws Income Tax Thu, 04 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18046