https://www.taxtmi.com/caselaws?id=60562 A public charitable trust was not disentitled to exemption because the investment disqualification depended on non-conforming investments continuing beyond the statutory conversion period. As the previous year ended before that period expired, no contravention arose during the relevant assessment year and the grace period for regularising investments was still available. Exemption under the charitable trust provisions therefore remained available, and the assessment had to be recomputed on that basis. en-us Fri, 13 May 1988 00:00:00 +0530 Wed, 05 Jan 2011 18:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60562 A public charitable trust was not disentitled to exemption because the investment disqualification depended on non-conforming investments continuing beyond the statutory conversion period. As the previous year ended before that period expired, no contravention arose during the relevant assessment year and the grace period for regularising investments was still available. Exemption under the charitable trust provisions therefore remained available, and the assessment had to be recomputed on that basis. Case-Laws Income Tax Fri, 13 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60562