https://www.taxtmi.com/caselaws?id=25002 Income set apart for exemption under section 11(2) must be invested or deposited in the specified statutory securities; use of the amount for acquiring or constructing properties and buildings does not satisfy that requirement, so the exemption claim fails. Preference to poor relatives was treated as inconsistent with the charitable character of the trust's objects for exemption purposes, following binding precedent, and was therefore not accepted as a basis for relief under section 11. en-us Mon, 16 Feb 1987 00:00:00 +0530 Sat, 23 Jan 2010 17:17:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25002 Income set apart for exemption under section 11(2) must be invested or deposited in the specified statutory securities; use of the amount for acquiring or constructing properties and buildings does not satisfy that requirement, so the exemption claim fails. Preference to poor relatives was treated as inconsistent with the charitable character of the trust's objects for exemption purposes, following binding precedent, and was therefore not accepted as a basis for relief under section 11. Case-Laws Income Tax Mon, 16 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25002