1993 (2) TMI 20 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of a public charitable trust in a case involving donations received as fixed deposit receipts. The court held that the trust did not violate provisions of section 13(2)(a) or 13(2)(h) as the income or property was not lent to specified persons. The judgment is in line with a previous interpretation of section 13(2)(h) in a related case. The court answered the referred question in favor of the assessee with no costs awarded.