https://www.taxtmi.com/caselaws?id=193077 Issue concerns tax exemption for income of a trust as partner in a firm under section 4(3)(i). The article explains the legal principle that exemption applies only where trust property and income are held wholly or partly for religious or charitable purposes and only to the extent income is applied or accumulated for such purposes. A trust with mixed charitable and non charitable objects whose trustees have unfettered discretion to devote income to non charitable purposes cannot be regarded as held for charitable or religious purposes, and exemption does not apply. en-us Fri, 09 Mar 1962 00:00:00 +0530 Wed, 12 Jul 2017 17:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193077 Issue concerns tax exemption for income of a trust as partner in a firm under section 4(3)(i). The article explains the legal principle that exemption applies only where trust property and income are held wholly or partly for religious or charitable purposes and only to the extent income is applied or accumulated for such purposes. A trust with mixed charitable and non charitable objects whose trustees have unfettered discretion to devote income to non charitable purposes cannot be regarded as held for charitable or religious purposes, and exemption does not apply. Case-Laws Income Tax Fri, 09 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193077