https://www.taxtmi.com/caselaws?id=27071 The court held that seven-eighths of the one-eighth portion of the annual income of the wakf transferred to the reserve fund is exempt from tax under the Income-tax Act, 1961. Additionally, the 49/64ths share of the income allocated to the qaumi account was also deemed exempt from tax. Each party was ordered to bear their own costs. en-us Thu, 23 May 1985 00:00:00 +0530 Wed, 10 Feb 2010 15:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27071 The court held that seven-eighths of the one-eighth portion of the annual income of the wakf transferred to the reserve fund is exempt from tax under the Income-tax Act, 1961. Additionally, the 49/64ths share of the income allocated to the qaumi account was also deemed exempt from tax. Each party was ordered to bear their own costs. Case-Laws Income Tax Thu, 23 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27071