https://www.taxtmi.com/caselaws?id=25268 The Calcutta HC held that a charitable trust established in 1920 was entitled to exemption under section 11 for dividends received from shares donated to it prior to June 1, 1970. The court distinguished between actively investing trust funds versus passively holding donated shares, noting the trust took no action beyond accepting the gift. The 1983 amendment to section 13 recognized this distinction by separately addressing invested funds and share holdings. Since the trust received shares before the specified date and the proviso to section 13(1)(d)(iii) applied, the exemption claim was allowed in favor of the assessee. en-us Mon, 03 Aug 1987 00:00:00 +0530 Fri, 21 Feb 2025 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25268 The Calcutta HC held that a charitable trust established in 1920 was entitled to exemption under section 11 for dividends received from shares donated to it prior to June 1, 1970. The court distinguished between actively investing trust funds versus passively holding donated shares, noting the trust took no action beyond accepting the gift. The 1983 amendment to section 13 recognized this distinction by separately addressing invested funds and share holdings. Since the trust received shares before the specified date and the proviso to section 13(1)(d)(iii) applied, the exemption claim was allowed in favor of the assessee. Case-Laws Income Tax Mon, 03 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25268