https://www.taxtmi.com/caselaws?id=23766 The court ruled in favor of the assessee, affirming the exemption of dividend income from investments made by the trust in certain companies. The court held that the income qualified for exemption under the second proviso to section 13(1)(c)(ii) and rejected the Department's arguments based on section 13(2)(h). Additionally, the court found that the trust property application for specified persons complied with the mandatory terms of the trust deed. The court emphasized the importance of meticulously interpreting the Income-tax Act provisions to determine exemptions and obligations for charitable trusts. en-us Tue, 29 Nov 1988 00:00:00 +0530 Fri, 25 Dec 2009 18:23:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23766 The court ruled in favor of the assessee, affirming the exemption of dividend income from investments made by the trust in certain companies. The court held that the income qualified for exemption under the second proviso to section 13(1)(c)(ii) and rejected the Department's arguments based on section 13(2)(h). Additionally, the court found that the trust property application for specified persons complied with the mandatory terms of the trust deed. The court emphasized the importance of meticulously interpreting the Income-tax Act provisions to determine exemptions and obligations for charitable trusts. Case-Laws Income Tax Tue, 29 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23766