https://www.taxtmi.com/caselaws?id=181816 A charitable trust's exemption under section 11(1)(a) depends on whether surplus income was actually available during the relevant year for application to charitable or religious purposes. Where estate duty liability attached to the trust estate and had to be discharged by using liquid funds and even selling corpus assets, no income remained available for such application. On that reasoning, the trust was treated as not having taxable income on the ground of non-application, because the decisive factor was the absence of available surplus rather than a failure to apply income. The principle was applied to the assessment year discussed in the text. en-us Fri, 10 Dec 1993 00:00:00 +0530 Mon, 25 Apr 2016 17:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181816 A charitable trust's exemption under section 11(1)(a) depends on whether surplus income was actually available during the relevant year for application to charitable or religious purposes. Where estate duty liability attached to the trust estate and had to be discharged by using liquid funds and even selling corpus assets, no income remained available for such application. On that reasoning, the trust was treated as not having taxable income on the ground of non-application, because the decisive factor was the absence of available surplus rather than a failure to apply income. The principle was applied to the assessment year discussed in the text. Case-Laws Income Tax Fri, 10 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181816