https://www.taxtmi.com/caselaws?id=7474 Income from trust property was not exempt where the deed combined charitable objects with a discretionary power to benefit members of the settlor's family, because exemption under the Income-tax Act, 1922 required property to be held wholly for charitable purposes or for income to be applied accordingly. A charitable purpose had to serve a public character, and an unrestricted power to aid private individuals defeated that character. The supplementary trust deed could not operate retrospectively to cure the defect for the relevant assessment years, so the earlier assessments were sustained. en-us Wed, 10 Nov 1965 00:00:00 +0530 Fri, 20 Feb 2009 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7474 Income from trust property was not exempt where the deed combined charitable objects with a discretionary power to benefit members of the settlor's family, because exemption under the Income-tax Act, 1922 required property to be held wholly for charitable purposes or for income to be applied accordingly. A charitable purpose had to serve a public character, and an unrestricted power to aid private individuals defeated that character. The supplementary trust deed could not operate retrospectively to cure the defect for the relevant assessment years, so the earlier assessments were sustained. Case-Laws Income Tax Wed, 10 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7474