Assessee, a charitable institution, was engaged in distribution of essential commodities provided by State Government, on subsidy. It had invested funds in shares of joint venture companies.  The AO denied the exemotion on entire income of the institution.  Which was affirmed by the CIT(A)  and Tribuanl. On appeal  the Tribunal held that  investment made by assessee in its joint venture companies was an investment made in violation of section 11 (5) read with section 13(1)(d) and, therefore, assessee was not entitled to claim benefit of exemption under section 11, however, only income from such an investment made in violation of section 13(1)(d) was liable to tax and not entire income accrued to assessee. (AY. 1994-95 to 2001-02)