Whether Trust entitled to exemption u/s 11 and 12 for amount received as corpus fund as it is not a taxable amount though deposited with sister concern in violation of section 11(5)

Ramalingam Charities Vs CIT, Salem (Madras High Court) – Tribunal considered the claim  of the revenue as well as the assessee and pointed out that having regard to the fact that  the Trust deed was  not  existing solely for  the educational purposes and that the trust had engaged  itself in other activities by  running orphanages, Kalyana mandapam,   money lending business, etc., it cannot be held that the Trust was one solely carrying on the activities of  educational institutions.  The Tribunal further pointed out that having regard to the fact that the assessee had not ful...