https://www.taxtmi.com/caselaws?id=17534 HC held that for a charitable trust eligible for full exemption under section 11(1)(a) of the Income-tax Act, the 25% exemption is to be computed with reference to the income of the trust under the relevant head, and not on the total income as determined by the Assessing Officer. The court clarified that, statutorily, only 75% of such income is to be considered as applied or set apart, with 25% automatically exempt at that stage. Endorsing the interpretation adopted by the appellate authority, Tribunal and Central Board of Revenue, HC found no ground for interference and answered both questions in favour of the assessee and against the Revenue. en-us Fri, 25 Oct 1996 00:00:00 +0530 Sun, 14 Dec 2025 22:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17534 HC held that for a charitable trust eligible for full exemption under section 11(1)(a) of the Income-tax Act, the 25% exemption is to be computed with reference to the income of the trust under the relevant head, and not on the total income as determined by the Assessing Officer. The court clarified that, statutorily, only 75% of such income is to be considered as applied or set apart, with 25% automatically exempt at that stage. Endorsing the interpretation adopted by the appellate authority, Tribunal and Central Board of Revenue, HC found no ground for interference and answered both questions in favour of the assessee and against the Revenue. Case-Laws Income Tax Fri, 25 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17534