https://www.taxtmi.com/caselaws?id=181430 Property was not regarded as held under trust wholly for charitable purposes where the trust deed permitted use of the assets for the founder's own purposes and for the benefit of his companies before any charitable institution was established. Powers to borrow, sell immovable property, and advance money were not confined to charitable objects, and the proposed industrial and scientific institution was only a future possibility rather than an immediate charitable application of the trust property. The exemption claim therefore failed under Section 4(3)(i) of the Income-tax Act, 1922. en-us Mon, 02 Feb 1942 00:00:00 +0630 Sat, 16 Apr 2016 17:09:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181430 Property was not regarded as held under trust wholly for charitable purposes where the trust deed permitted use of the assets for the founder's own purposes and for the benefit of his companies before any charitable institution was established. Powers to borrow, sell immovable property, and advance money were not confined to charitable objects, and the proposed industrial and scientific institution was only a future possibility rather than an immediate charitable application of the trust property. The exemption claim therefore failed under Section 4(3)(i) of the Income-tax Act, 1922. Case-Laws Income Tax Mon, 02 Feb 1942 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=181430