https://www.taxtmi.com/caselaws?id=61794 Property held under a trust qualifies for full exemption under section 5(1)(i) of the Wealth-tax Act, 1957 where the trust, viewed as a whole, is predominantly charitable or religious in nature. The trust deed here earmarked the business and its income mainly for Arya Vaidya Sala, a hospital and a school, with only limited and temporary benefit to two thavazhies for twenty years. The omission of the word "wholly" from the provision supports exemption even where there is some private benefit, so long as the dominant character remains public charitable. The trust corpus retained its charitable nature, and full exemption was available. en-us Thu, 30 Nov 1989 00:00:00 +0530 Sat, 15 Jan 2011 10:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61794 Property held under a trust qualifies for full exemption under section 5(1)(i) of the Wealth-tax Act, 1957 where the trust, viewed as a whole, is predominantly charitable or religious in nature. The trust deed here earmarked the business and its income mainly for Arya Vaidya Sala, a hospital and a school, with only limited and temporary benefit to two thavazhies for twenty years. The omission of the word "wholly" from the provision supports exemption even where there is some private benefit, so long as the dominant character remains public charitable. The trust corpus retained its charitable nature, and full exemption was available. Case-Laws Wealth-tax Thu, 30 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61794