https://www.taxtmi.com/caselaws?id=23066 A public charitable trust was treated as a permissible investor under the Government Savings Certificates framework because the scheme was intended to promote savings and the rules had to be read consistently with that purpose. Rule 4(2)(vi) covered an association, institution or body registered under any law, and rule 5(iv) allowed such bodies, including those whose donations were exempt from income-tax, to invest within the prescribed limit. The exclusion of a charitable trust in one sub-clause did not disqualify it from the scheme as a whole. On that construction, the trust was entitled to purchase and encash the certificates and to receive interest. en-us Thu, 01 Feb 1990 00:00:00 +0530 Wed, 16 Dec 2009 14:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23066 A public charitable trust was treated as a permissible investor under the Government Savings Certificates framework because the scheme was intended to promote savings and the rules had to be read consistently with that purpose. Rule 4(2)(vi) covered an association, institution or body registered under any law, and rule 5(iv) allowed such bodies, including those whose donations were exempt from income-tax, to invest within the prescribed limit. The exclusion of a charitable trust in one sub-clause did not disqualify it from the scheme as a whole. On that construction, the trust was entitled to purchase and encash the certificates and to receive interest. Case-Laws Income Tax Thu, 01 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23066