https://www.taxtmi.com/caselaws?id=14707 The court interpreted the Income-tax Act, 1961 concerning property income and determined that the income from a property, settled in favor of a college facing financial difficulties, should not be included in the assessee's total income. The court found that the intention was to divest both the property and its income for the benefit of the college, as evidenced by resolutions adopted. The court affirmed the Tribunal's decision in favor of the assessee, concluding that the property income belonged to the college and should not be included in the assessee's total income for the assessment year. en-us Mon, 18 Sep 2000 00:00:00 +0530 Sat, 18 Jul 2009 11:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14707 The court interpreted the Income-tax Act, 1961 concerning property income and determined that the income from a property, settled in favor of a college facing financial difficulties, should not be included in the assessee's total income. The court found that the intention was to divest both the property and its income for the benefit of the college, as evidenced by resolutions adopted. The court affirmed the Tribunal's decision in favor of the assessee, concluding that the property income belonged to the college and should not be included in the assessee's total income for the assessment year. Case-Laws Income Tax Mon, 18 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14707