https://www.taxtmi.com/caselaws?id=18049 The court ruled against "Sree Narayana Chandrika Trust" in its assessment under the Wealth-tax Act for exceeding the statutory investment limit, leading to denial of exemption under section 5(1)(i) of the Act. The trust's partnership investment with "Beena Enterprises" was deemed excessive, disqualifying it from exemption. The court upheld the decision, emphasizing the need for trust property to benefit specified individuals under the Income-tax Act to claim exemption, and affirmed the applicability of section 21A of the Wealth-tax Act to deny exemption. Compliance with statutory limits is crucial for charitable trusts seeking exemptions under both Acts. en-us Tue, 08 Oct 1996 00:00:00 +0530 Sat, 26 Sep 2009 13:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18049 The court ruled against "Sree Narayana Chandrika Trust" in its assessment under the Wealth-tax Act for exceeding the statutory investment limit, leading to denial of exemption under section 5(1)(i) of the Act. The trust's partnership investment with "Beena Enterprises" was deemed excessive, disqualifying it from exemption. The court upheld the decision, emphasizing the need for trust property to benefit specified individuals under the Income-tax Act to claim exemption, and affirmed the applicability of section 21A of the Wealth-tax Act to deny exemption. Compliance with statutory limits is crucial for charitable trusts seeking exemptions under both Acts. Case-Laws Wealth-tax Tue, 08 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18049