https://www.taxtmi.com/caselaws?id=8500 A trust with the dominant charitable object of maintaining a dharamshala for Hindus remained wholly charitable where its deed allowed accumulation only for that purpose. Income from properties acquired out of accumulated surplus, and the 25% reserve retained under the deed, was treated as exempt under section 4(3)(i) of the Indian Income-tax Act, 1922. Money spent on constructing a new dharamshala was treated as application of income in furtherance of the trust object, not as an investment, even though it created a capital asset. The surplus so applied was also exempt under section 11(1)(a) of the Income-tax Act, 1961. en-us Sat, 18 Dec 1971 00:00:00 +0530 Mon, 27 Apr 2009 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8500 A trust with the dominant charitable object of maintaining a dharamshala for Hindus remained wholly charitable where its deed allowed accumulation only for that purpose. Income from properties acquired out of accumulated surplus, and the 25% reserve retained under the deed, was treated as exempt under section 4(3)(i) of the Indian Income-tax Act, 1922. Money spent on constructing a new dharamshala was treated as application of income in furtherance of the trust object, not as an investment, even though it created a capital asset. The surplus so applied was also exempt under section 11(1)(a) of the Income-tax Act, 1961. Case-Laws Income Tax Sat, 18 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8500