The Revenue denied exemption under sections 11 and 12 on the ground that the assessee had investments attracting section 13(1)(d). The Tribunal held that there was no fresh investment during the relevant assessment year and only dividend income had been received. Even otherwise, violation of section 13(1)(d) does not result in denial of exemption on the entire income of the trust; the denial is restricted only to the income arising from the impermissible investment. Accordingly, the order restricting the disallowance to the dividend income was upheld. (AY. 2012-13, 2013-14 & 2016-17)