https://www.taxtmi.com/caselaws?id=24390 The court held that promissory notes received by a society as donations did not constitute "funds" under the Income-tax Act. The court determined that the society's actions did not amount to an investment or deposit of funds in violation of the Act. Additionally, the court found that the refusal to renew the exemption under section 80G of the Act was unjustified due to an incorrect interpretation of the relevant provisions. As a result, the court allowed the writ petition, quashed the initial order, and directed the renewal of the certificate under section 80G without costs. en-us Tue, 21 Mar 1989 00:00:00 +0530 Tue, 19 Jan 2010 16:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24390 The court held that promissory notes received by a society as donations did not constitute "funds" under the Income-tax Act. The court determined that the society's actions did not amount to an investment or deposit of funds in violation of the Act. Additionally, the court found that the refusal to renew the exemption under section 80G of the Act was unjustified due to an incorrect interpretation of the relevant provisions. As a result, the court allowed the writ petition, quashed the initial order, and directed the renewal of the certificate under section 80G without costs. Case-Laws Income Tax Tue, 21 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24390