TaxTMI 
TaxTMI 
2001 (8) TMI 78
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....A of the Income-tax Act, 1961 (in short "the Act"). The dispute relates to the assessment year 1995-96 in respect of an assessee, which is a charitable trust. The controversy lies in a very narrow compass. For the assessment year in question, the assessee filed its return of income along with the audit report, balance-sheet, etc. The Assessing Officer noted that for the purpose of claiming e....
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....ctual position that was highlighted before the Tribunal was that after incorporation of the trust and its registration, charitable work was being undertaken. The donations for the corpus of the trust were obtained by account payee cheques. Such corpus funds have been invested as fixed deposits with public sector undertakings, viz., UTI, SAIL, NTPC, etc. During the year under consideration, the two....
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....ion was denied on the ground that there was violation of the provisions. The Tribunal noted that this was a case where the two concerns may have flouted the Government rules and the assessee in the absence of any mala fides and being not linked with the concerns, should not be denied the benefits. The Tribunal, keeping in view the objects for which section 11(5) has been enacted and the factual ba....