https://www.taxtmi.com/caselaws?id=33706 The court ruled in favor of the assessee-trust regarding the issue of bonus shares not being considered as funds invested by the trust. However, the court found that certain shares held by specific entities should be included in the calculation of substantial interest, leading to the conclusion that the assessee-trust was not entitled to exemption under sections 11 and 12 of the Income-tax Act for the assessment years 1976-77 and 1977-78. The court disposed of the case without any order as to costs. en-us Fri, 05 Oct 2007 00:00:00 +0530 Fri, 05 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33706 The court ruled in favor of the assessee-trust regarding the issue of bonus shares not being considered as funds invested by the trust. However, the court found that certain shares held by specific entities should be included in the calculation of substantial interest, leading to the conclusion that the assessee-trust was not entitled to exemption under sections 11 and 12 of the Income-tax Act for the assessment years 1976-77 and 1977-78. The court disposed of the case without any order as to costs. Case-Laws Income Tax Fri, 05 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33706