2012 (5) TMI 84

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....ankar Nambiar and Anil D. Nair for the Appellant. P.K.R. Menon and Jose Joseph for the Respondent. JUDGMENT C.N. Ramachandran Nair, J. - Question raised is whether the Income-tax Appellate Tribunal was justified in denying exemption under section 11 of the Income-tax Act for violation of section 13(1)(d) of the Income-tax Act. We have heard counsel for the appellant and Standing Counse....

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....e up in appeal before us. 3. After hearing both sides, we do not find any justification to interfere with the finding of the Tribunal because as a matter of fact the Tribunal found that there is a violation of section 13(1)(d) inasmuch as Rs. 50,000/- belonging to the trust remained invested during the previous year in a private finance company. Even though counsel for the appellant raised a co....