https://www.taxtmi.com/caselaws?id=9324 Income from letting advertising space on an overbridge was held exempt under section 4(3)(i) because the property right itself was subject to a legal obligation for charitable use. The revised terms showed that the receipts were to be credited to a fund administered by trustees and applied solely for public amenities, satisfying the charitable purpose requirement. A formal trust deed was not necessary where the arrangement itself clearly created the trust or legal obligation, and the separate maintenance of receipts supported the conclusion that the income was accumulated for the specified object. The income was therefore excluded from the assessee's total income. en-us Wed, 11 Jul 1973 00:00:00 +0530 Mon, 22 Jun 2009 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9324 Income from letting advertising space on an overbridge was held exempt under section 4(3)(i) because the property right itself was subject to a legal obligation for charitable use. The revised terms showed that the receipts were to be credited to a fund administered by trustees and applied solely for public amenities, satisfying the charitable purpose requirement. A formal trust deed was not necessary where the arrangement itself clearly created the trust or legal obligation, and the separate maintenance of receipts supported the conclusion that the income was accumulated for the specified object. The income was therefore excluded from the assessee's total income. Case-Laws Income Tax Wed, 11 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9324