https://www.taxtmi.com/caselaws?id=797689 Capital gains of a charitable trust are treated as applied to charitable purposes when the net consideration from transferring a trust-held capital asset is used to acquire another capital asset. Deposits with a scheduled bank, including savings-bank balances and fixed deposits, constitute distinct debtor-creditor assets rather than cash merely retained by the depositor. Consequently, fixed deposits qualify as new capital assets regardless of their tenure or whether they were made after the financial year-end, and scheduled-bank savings-account balances also qualify for the capital-gains exemption. en-us Wed, 19 Aug 2026 00:00:00 +0530 Wed, 26 Aug 2026 08:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797689 Capital gains of a charitable trust are treated as applied to charitable purposes when the net consideration from transferring a trust-held capital asset is used to acquire another capital asset. Deposits with a scheduled bank, including savings-bank balances and fixed deposits, constitute distinct debtor-creditor assets rather than cash merely retained by the depositor. Consequently, fixed deposits qualify as new capital assets regardless of their tenure or whether they were made after the financial year-end, and scheduled-bank savings-account balances also qualify for the capital-gains exemption. Case-Laws Income Tax Wed, 19 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797689