https://www.taxtmi.com/caselaws?id=276787 A trust will not qualify for exemption where its objects, as framed, permit application of the fund to political or otherwise non-charitable purposes, because charity must fall within legal concepts such as relief of poverty, education, religion, or general public utility. Where the trust deed gives a managing body discretion to pursue national, constitutional, or propagandist objects, the trust may extend beyond charity and fail the exemption test. The text also explains that income held for objects rather than for ascertainable individual beneficiaries falls within the proviso taxing income at the maximum rate when individual shares are indeterminate or unknown. The statutory language is treated as controlling, not hardship-based considerations. en-us Wed, 01 Oct 1941 01:00:00 +0630 Sat, 17 Nov 2018 12:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276787 A trust will not qualify for exemption where its objects, as framed, permit application of the fund to political or otherwise non-charitable purposes, because charity must fall within legal concepts such as relief of poverty, education, religion, or general public utility. Where the trust deed gives a managing body discretion to pursue national, constitutional, or propagandist objects, the trust may extend beyond charity and fail the exemption test. The text also explains that income held for objects rather than for ascertainable individual beneficiaries falls within the proviso taxing income at the maximum rate when individual shares are indeterminate or unknown. The statutory language is treated as controlling, not hardship-based considerations. Case-Laws Income Tax Wed, 01 Oct 1941 01:00:00 +0630 https://www.taxtmi.com/caselaws?id=276787