https://www.taxtmi.com/caselaws?id=39847 Section 11 continued to protect a charitable trust's exemption where the accumulated income was intended for investment in the prescribed manner and a minor shortfall occurred for reasons beyond the trust's control after remittance of the full amount for Government securities. The provision was read liberally, so a narrow construction that would deny all exemption for a small investment deficiency was rejected as inconsistent with the purpose of section 11(2). Where two reasonable interpretations of a taxing provision are available, the interpretation favourable to the taxpayer was preferred. The trust remained entitled to exemption, and the shortfall did not defeat relief. en-us Mon, 17 Jun 1974 00:00:00 +0530 Tue, 20 Apr 2010 16:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39847 Section 11 continued to protect a charitable trust's exemption where the accumulated income was intended for investment in the prescribed manner and a minor shortfall occurred for reasons beyond the trust's control after remittance of the full amount for Government securities. The provision was read liberally, so a narrow construction that would deny all exemption for a small investment deficiency was rejected as inconsistent with the purpose of section 11(2). Where two reasonable interpretations of a taxing provision are available, the interpretation favourable to the taxpayer was preferred. The trust remained entitled to exemption, and the shortfall did not defeat relief. Case-Laws Income Tax Mon, 17 Jun 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39847