https://www.taxtmi.com/caselaws?id=15482 An educational trust's irrevocable assignment of partners' share income to the trust was treated as trust income and not as diversion of trust funds for the benefit of persons covered by section 13(3); absent material showing use of trust assets for such persons, no infringement of section 13(2)(h) read with section 13(4) arose. The trust's receipt of business income alone was not sufficient to deny exemption from wealth-tax for the relevant assessment years. On the stated facts, the trust retained entitlement to the statutory exemption, and the reference was answered in favour of the assessee. en-us Thu, 07 Oct 1999 00:00:00 +0530 Thu, 06 Aug 2009 18:10:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15482 An educational trust's irrevocable assignment of partners' share income to the trust was treated as trust income and not as diversion of trust funds for the benefit of persons covered by section 13(3); absent material showing use of trust assets for such persons, no infringement of section 13(2)(h) read with section 13(4) arose. The trust's receipt of business income alone was not sufficient to deny exemption from wealth-tax for the relevant assessment years. On the stated facts, the trust retained entitlement to the statutory exemption, and the reference was answered in favour of the assessee. Case-Laws Income Tax Thu, 07 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15482