https://www.taxtmi.com/caselaws?id=58981 The court upheld the revenue authorities' decision to deny exemption under section 11 of the Income Tax Act to a public charitable trust due to failure to divest corpus funds into permissible investments. However, the court ruled in favor of the trust regarding the classification of the loan under sections 13(2)(a) and 13(2)(h), determining that the loan fell under section 13(2)(a) as it was secured and interest was appropriately charged. As a result, the court allowed the appeals and rejected the revenue's position on denying the exemption under section 11. en-us Mon, 17 May 1993 00:00:00 +0530 Thu, 23 Dec 2010 14:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58981 The court upheld the revenue authorities' decision to deny exemption under section 11 of the Income Tax Act to a public charitable trust due to failure to divest corpus funds into permissible investments. However, the court ruled in favor of the trust regarding the classification of the loan under sections 13(2)(a) and 13(2)(h), determining that the loan fell under section 13(2)(a) as it was secured and interest was appropriately charged. As a result, the court allowed the appeals and rejected the revenue's position on denying the exemption under section 11. Case-Laws Income Tax Mon, 17 May 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58981