https://www.taxtmi.com/caselaws?id=60516 The Tribunal partially allowed the appeal, determining that fixed deposits qualified as acquiring another capital asset under Section 11(1A) and that the trust validly exercised the income application option. The lower authorities' findings on the non-utilization of sale proceeds were overturned. Compliance with the Trusts Act was considered irrelevant to the Income Tax Act. Procedural and jurisdictional issues were not addressed, and the claim for charitable expenditure as income application was rejected based on legal precedent. en-us Thu, 28 Apr 1988 00:00:00 +0530 Wed, 05 Jan 2011 17:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60516 The Tribunal partially allowed the appeal, determining that fixed deposits qualified as acquiring another capital asset under Section 11(1A) and that the trust validly exercised the income application option. The lower authorities' findings on the non-utilization of sale proceeds were overturned. Compliance with the Trusts Act was considered irrelevant to the Income Tax Act. Procedural and jurisdictional issues were not addressed, and the claim for charitable expenditure as income application was rejected based on legal precedent. Case-Laws Income Tax Thu, 28 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60516