2003 (12) TMI 49

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....The assessee is a charitable trust, which was denied exemption from wealth-tax by the Assessing Officer for the assessment years 1987-88 and 1988-89 on the ground that it had made investment contrary to section 13(1)(d) of the Income-tax Act, 1961. The Commissioner reversed the order of the Assessing Officer and that reversal was sustained by the Tribunal. At the instance of the Revenue, the fo....

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....s not relevant for the purpose of considering the assessee's claim for exemption from wealth-tax. This, however, is not the end of the matter as, though the investments made by the assessee-trust in these years are not in accordance with section 13(1)(d) of the Income-tax Act, that would not result in the assessee being deprived of the benefit of the exemption, either under the Income-tax Act o....