https://www.taxtmi.com/caselaws?id=285203 Income held under a governing instrument creating a binding obligation for charity, education and industry was exempt, because the company's memorandum and articles required profits to be applied only to those objects and prohibited distribution among members. A separate trust deed was not essential where the property was already subject to a legal obligation arising from the constitutive documents. Limited actual spending on scholarships and charity did not defeat the exemption, since no income was shown to have been used for purposes outside the stated objects. The proviso to section 4(3)(i) was inapplicable, and the assessee's claim for exemption succeeded. en-us Tue, 18 Aug 1964 00:00:00 +0530 Wed, 01 Jan 2020 18:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285203 Income held under a governing instrument creating a binding obligation for charity, education and industry was exempt, because the company's memorandum and articles required profits to be applied only to those objects and prohibited distribution among members. A separate trust deed was not essential where the property was already subject to a legal obligation arising from the constitutive documents. Limited actual spending on scholarships and charity did not defeat the exemption, since no income was shown to have been used for purposes outside the stated objects. The proviso to section 4(3)(i) was inapplicable, and the assessee's claim for exemption succeeded. Case-Laws Income Tax Tue, 18 Aug 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285203