https://www.taxtmi.com/caselaws?id=27462 The Tribunal found that the payment of income-tax and investment in bonds by the charitable trust were necessary for preserving its property and business, qualifying as application of income for charitable purposes under s. 11 of the I.T. Act, 1961. The High Court agreed, ruling that income-tax payments should be deducted to determine available surplus income for charitable purposes. The Court referenced relevant case law and held in favor of the trust, granting exemption from tax for the assessment year 1964-65 and ordering the Revenue to pay the trust's costs. en-us Thu, 05 Aug 1982 00:00:00 +0530 Sat, 13 Feb 2010 10:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27462 The Tribunal found that the payment of income-tax and investment in bonds by the charitable trust were necessary for preserving its property and business, qualifying as application of income for charitable purposes under s. 11 of the I.T. Act, 1961. The High Court agreed, ruling that income-tax payments should be deducted to determine available surplus income for charitable purposes. The Court referenced relevant case law and held in favor of the trust, granting exemption from tax for the assessment year 1964-65 and ordering the Revenue to pay the trust's costs. Case-Laws Income Tax Thu, 05 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27462