https://www.taxtmi.com/caselaws?id=193077 Income from trust property, including a partnership interest, qualifies for exemption under section 4(3)(i) only where the property is held wholly or partly for religious or charitable purposes and the income is applied or accumulated for those purposes. A trust with both charitable and non-charitable objects fails this requirement if trustees have unrestricted discretion to deploy income for commercial or other non-charitable objects. Such discretion prevents the trust property from being regarded as held for charitable or religious purposes, and income derived through the partnership is consequently not exempt. 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 Income from trust property, including a partnership interest, qualifies for exemption under section 4(3)(i) only where the property is held wholly or partly for religious or charitable purposes and the income is applied or accumulated for those purposes. A trust with both charitable and non-charitable objects fails this requirement if trustees have unrestricted discretion to deploy income for commercial or other non-charitable objects. Such discretion prevents the trust property from being regarded as held for charitable or religious purposes, and income derived through the partnership is consequently not exempt. Case-Laws Income Tax Fri, 09 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193077