https://www.taxtmi.com/caselaws?id=39652 The court ruled that a charitable trust, having invested 75% of its surplus income as required by section 11(2)(b) of the Income-tax Act, 1961, is entitled to exemption only for that portion. Compliance with section 11(2) provides an alternative to the 25% exemption under section 11(1)(a), and the trust cannot claim both exemptions simultaneously. The court rejected the revenue's argument to tax the entire surplus income due to partial investment, directing the Commissioner to proceed with the revision under section 263 accordingly. The trust was granted a reasonable opportunity to present its case, with no costs awarded. en-us Thu, 01 Aug 1974 00:00:00 +0530 Mon, 19 Apr 2010 15:01:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39652 The court ruled that a charitable trust, having invested 75% of its surplus income as required by section 11(2)(b) of the Income-tax Act, 1961, is entitled to exemption only for that portion. Compliance with section 11(2) provides an alternative to the 25% exemption under section 11(1)(a), and the trust cannot claim both exemptions simultaneously. The court rejected the revenue's argument to tax the entire surplus income due to partial investment, directing the Commissioner to proceed with the revision under section 263 accordingly. The trust was granted a reasonable opportunity to present its case, with no costs awarded. Case-Laws Income Tax Thu, 01 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39652