https://www.taxtmi.com/caselaws?id=36210 The High Court of Kerala ruled in favor of the assessee trusts in a case involving the interpretation of provisions under section 11(1)(a) and section 11(2) of the Income-tax Act, 1961. The court held that charitable trusts are entitled to exemption for the amount exceeding the specified limit in section 11(1)(a) if invested in approved securities, rejecting the argument that the entirety of accumulated income must be invested in Government securities for exemption. The decision emphasized the importance of allowing trusts to utilize income for charitable purposes without undue tax burden, aligning with the legislative intent of promoting charitable activities. en-us Wed, 26 Mar 1980 00:00:00 +0530 Sat, 20 Mar 2010 10:56:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36210 The High Court of Kerala ruled in favor of the assessee trusts in a case involving the interpretation of provisions under section 11(1)(a) and section 11(2) of the Income-tax Act, 1961. The court held that charitable trusts are entitled to exemption for the amount exceeding the specified limit in section 11(1)(a) if invested in approved securities, rejecting the argument that the entirety of accumulated income must be invested in Government securities for exemption. The decision emphasized the importance of allowing trusts to utilize income for charitable purposes without undue tax burden, aligning with the legislative intent of promoting charitable activities. Case-Laws Income Tax Wed, 26 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36210