1995 (8) TMI 316 - HC - Income Tax

Summary

The High Court of Allahabad upheld the Tribunal's decision that an assessee-trust is entitled to exemption under sections 11 and 12 of the Income-tax Act, as there was no violation of section 13(1)(c)(ii). The Tribunal found that the loan was adequately secured and the interest charged was adequate. The Court held that these findings are binding and ruled in favor of the assessee-trust.