JUDGMENT - S.H. KAPADIA, J.:---The above group of appeals raise common questions of law. Hence they are disposed of by this common judgment. For the sake of convenience, facts in Income Tax Appeal No. 81 of 1999 are taken into consideration.

2. Two questions of law arise in this appeal under section 200-A of the Income-tax Act.

(1) Whether the assessee trust was assessable as an individual and consequently entitled to deduction under section 80-L of the Act?

(2) Whether the assessee trust violated section 13(1)(d) of the Act in the Assessment Year 1993-1994 by not disinvesting the shares of non-Government companies by 31st March, 1993?

FACTS:

3. The assessee-trust came into existence after 1st June, 1973. The assessee-trust was the holder of enquiry shares of Mafatlal Industries upto 31st March, 1993. The same were not disinvested or disposed of by 31st March, 1993. The assessee claims that it was entitled to hold the said shares upto 31st March, 1993; that, they were required to disinvest on and after 1st April, 1993. In this appeal, we are concerned with the accounting year 1992, 1993 relevant to the assessment year 1993-1994. The previous year ended on 31st March, 1993. The depart

Click Here to Read the rest of this document