https://www.taxtmi.com/caselaws?id=6272 A public charitable trust may accept a gift of shares for its charitable objects even without an express trust-deed clause authorising receipt of gifts, provided the gift does not alter or impair the trust's purposes; the shares then vest in the trust. Dividend income arising from those vested shares is income of the trust and, where the trust is charitable, falls within the section 4(3)(i) exemption under the Indian Income-tax Act, 1922, making tax deducted at source on that income refundable to the trust. The questions were answered in favour of the assessee. en-us Wed, 25 Aug 1971 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6272 A public charitable trust may accept a gift of shares for its charitable objects even without an express trust-deed clause authorising receipt of gifts, provided the gift does not alter or impair the trust's purposes; the shares then vest in the trust. Dividend income arising from those vested shares is income of the trust and, where the trust is charitable, falls within the section 4(3)(i) exemption under the Indian Income-tax Act, 1922, making tax deducted at source on that income refundable to the trust. The questions were answered in favour of the assessee. Case-Laws Income Tax Wed, 25 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6272