https://www.taxtmi.com/caselaws?id=20388 The court ruled in favor of the Revenue, denying the assessee-trust's exemption claim under section 11(1) of the Income-tax Act due to failure to meet charitable purposes. The court also confirmed the taxability of the trust's income at the higher rate of 65 percent under section 164, as the beneficiaries' shares were contingent and indeterminate. The assessee-trust was found not eligible for exemption under section 164(3) of the Act, resulting in the income being taxed at the higher rate. The court disposed of the reference without costs. en-us Wed, 07 Jul 1993 00:00:00 +0530 Fri, 13 Nov 2009 16:20:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20388 The court ruled in favor of the Revenue, denying the assessee-trust's exemption claim under section 11(1) of the Income-tax Act due to failure to meet charitable purposes. The court also confirmed the taxability of the trust's income at the higher rate of 65 percent under section 164, as the beneficiaries' shares were contingent and indeterminate. The assessee-trust was found not eligible for exemption under section 164(3) of the Act, resulting in the income being taxed at the higher rate. The court disposed of the reference without costs. Case-Laws Income Tax Wed, 07 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20388