9911796707
TMI Blog1989 (4) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... hus entitled to exemption under section 11 of the Income-tax Act, 1961. The record shows that the assessee-trust is said to have been originally founded by one Giano Devi, wife of Gandu Mal, in 1944. As the trust deed was not forthcoming, another trust deed was drawn up and executed on December 12, 1960. Smt. Giano Devi, donated Rs. 36,000 to the trust. The objects of the trust, as set forth in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akes, floods, etc. The trust deed further provided that it would be the duty of the trustees to invest the trust funds wholly or in part in some business. It was in pursuance of this clause that the trustees came to acquire the business known as Amrit Ice and General Mills, Rohtak, and this business thereafter was being run by the trustees. It is in respect of the income derived by the trust fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... custody of the legal representatives of L. Gandu Mal who are also the trustees of the trust and they will be responsible for paying interest at 6 per cent. per annum on the amount with them to the trust fund; (v) It shall be the duty of the trustees by the opinion of the majority to invest a part of the trust fund in some business; (vi) The trust shall not have the authority to spend the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is, taking these aspects of the matter into account, that the Tribunal declined to grant exemption under section 11 of the Act as claimed by the assessee and this is what has now led to the following question being referred for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the income of the assessee-trust was not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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