https://www.taxtmi.com/caselaws?id=168673 Income is exempt under Section 4(3)(i) only where it is derived from property already held under trust or legal obligation wholly for religious or charitable purposes. Surplus received before 7 October 1940 did not qualify because it arose under the earlier settlement and was payable to the assessee personally; later application to charitable objects did not retroactively create exempt trust income. By contrast, the deed of 7 October 1940 dedicated the assessee's rights to religious and charitable objects, and the post-deed surplus was treated as income from property impressed with such a trust. Exemption was therefore confined to the period after the deed. en-us Thu, 05 Sep 1946 00:00:00 +0530 Sat, 21 Mar 2015 15:44:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168673 Income is exempt under Section 4(3)(i) only where it is derived from property already held under trust or legal obligation wholly for religious or charitable purposes. Surplus received before 7 October 1940 did not qualify because it arose under the earlier settlement and was payable to the assessee personally; later application to charitable objects did not retroactively create exempt trust income. By contrast, the deed of 7 October 1940 dedicated the assessee's rights to religious and charitable objects, and the post-deed surplus was treated as income from property impressed with such a trust. Exemption was therefore confined to the period after the deed. Case-Laws Income Tax Thu, 05 Sep 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168673