https://www.taxtmi.com/caselaws?id=168471 A trust remains charitable where the deed shows a dominant charitable intention and the income is accumulated before later application to scholarships, medical relief, aid to the poor, and relief in calamities. Investment of the accumulated income in shares was only a mode of administration and did not alter the charitable character of the property. A discretionary preference for employees of the associated company did not create a closed private trust, because the trustees were still free to apply the bounty within the charitable objects. The trust property was therefore treated as held wholly for charitable purposes, and the income was exempt from tax. en-us Thu, 20 Mar 1958 00:00:00 +0530 Wed, 04 Mar 2015 15:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168471 A trust remains charitable where the deed shows a dominant charitable intention and the income is accumulated before later application to scholarships, medical relief, aid to the poor, and relief in calamities. Investment of the accumulated income in shares was only a mode of administration and did not alter the charitable character of the property. A discretionary preference for employees of the associated company did not create a closed private trust, because the trustees were still free to apply the bounty within the charitable objects. The trust property was therefore treated as held wholly for charitable purposes, and the income was exempt from tax. Case-Laws Income Tax Thu, 20 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168471