1987 (2) TMI 10

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..... ncome-tax Appellate Tribunal, Cochin Bench, has referred to us the following questions: " 1. Whether, on the facts and in the circumstances of the case, one-fourth of the income set apart for augmenting the trust properties of the assessee is entitled to exemption under section 11 of the Incometax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, there are materials fo .....

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..... . 1, it has to be stated that on the facts stated by the assessee, it is clear that one-fourth of the income set apart for augmenting the trust properties did not attract the provisions of section 11(2) of the Income-tax Act, 1961, because that money was invested for acquisition and construction of properties and buildings and not for investment and deposit in specified securities as mentioned in .....

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