https://www.taxtmi.com/caselaws?id=25559 The High Court ruled in favor of the appellant-trust, granting exemption under sections 11/12 of the Income-tax Act, 1961 for the relevant assessment years. The court found the trust eligible for exemption as the security provided and interest rate charged were deemed sufficient. The issues regarding forfeiture of exemption under section 13(1)(c) and other related sections were not separately addressed as the primary contention on security and interest adequacy was resolved in favor of the trust. The court held that the lending of income or property was conducted with adequate security and interest, affirming the trust's entitlement to exemption. en-us Tue, 19 May 1987 00:00:00 +0530 Fri, 29 Jan 2010 13:55:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25559 The High Court ruled in favor of the appellant-trust, granting exemption under sections 11/12 of the Income-tax Act, 1961 for the relevant assessment years. The court found the trust eligible for exemption as the security provided and interest rate charged were deemed sufficient. The issues regarding forfeiture of exemption under section 13(1)(c) and other related sections were not separately addressed as the primary contention on security and interest adequacy was resolved in favor of the trust. The court held that the lending of income or property was conducted with adequate security and interest, affirming the trust's entitlement to exemption. Case-Laws Income Tax Tue, 19 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25559