Trust's Registration Cancellation Denied: Investments Complied with Section 11(5), Trust Activities Genuine, Appeal Allowed.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Cancellation of registration u/s 12AB(4) denied - trust's investments in mutual funds from accumulations and corpus donations, not borrowed funds - trust deed clause allowing settlor's accommodation became infructuous after settlor's death in 1965, not violating section 13(3) - investments in mutual funds to meet section 11(5) requirements - CIT(Exemption) cannot cancel registration merely based on trust deed covenants without examining actual activities - activities genuine and in accordance with objects - order set aside, appeal allowed.....