2002 (7) TMI 80 - HC - Income Tax

Whether, on the facts and in the circumstances of the case, the provisions of sections 13(2)(h) and 13(3) applied and whether the assessee-trust was entitled to exemption under section 11 of the Income-tax Act, 1961? - we answer the question referred to us partly in the negative and partly in the affirmative. However, it is in favour of the assessee and against the Revenue.

Summary

The High Court of Gujarat ruled in favor of the assessee, stating that the provisions of section 13(2)(h) did not apply, and the assessee was entitled to exemption under section 11 of the Income-tax Act, 1961. The court referenced a previous decision and concluded in favor of the assessee against the Revenue.