https://www.taxtmi.com/caselaws?id=59041 The Appellate Tribunal ruled against a Charitable Trust's appeal, holding that investing in fixed deposits with a corporation did not qualify as acquiring another capital asset for charitable purposes under Section 11(1A) of the Income Tax Act, 1961. The Tribunal emphasized that the fixed deposit did not meet the definition of a capital asset and clarified that Instruction No. 883 applied only to fixed deposits with banks, not other entities. Consequently, the Trust's claim for exemption under Section 11(1A) was denied, but an alternate relief granted under Section 11(2) was upheld. en-us Wed, 14 Nov 1984 00:00:00 +0530 Thu, 23 Dec 2010 16:42:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59041 The Appellate Tribunal ruled against a Charitable Trust's appeal, holding that investing in fixed deposits with a corporation did not qualify as acquiring another capital asset for charitable purposes under Section 11(1A) of the Income Tax Act, 1961. The Tribunal emphasized that the fixed deposit did not meet the definition of a capital asset and clarified that Instruction No. 883 applied only to fixed deposits with banks, not other entities. Consequently, the Trust's claim for exemption under Section 11(1A) was denied, but an alternate relief granted under Section 11(2) was upheld. Case-Laws Income Tax Wed, 14 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59041