1995 (8) TMI 316

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....arise out of its order dated 26-8-1978, passed in Income-tax Appeal Nos. 2625 and 2626 (All.) of 1977-78 for the assessment years 1975-76 and 1976-77, for the opinion of this Court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally justified in holding that the provisions of section 13 are not applicable in this case and that the assessee-trust i....

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....fore, took the view that the trust had violated the provisions of section 13(1)(c)(ii ) and was not entitled to exemption. The Tribunal has discussed the matter in all necessary details and held that there was no evidence to show that the loan was not adequately secured and the interest charged was also adequate in the facts and circumstances of the case. The Tribunal, therefore, concluded that th....