https://www.taxtmi.com/caselaws?id=27983 Section 11 exemption requires trust property to be held wholly for charitable or religious purposes. A trust deed that includes objects benefiting a private company's employees, their families, or dependants, or financing studies for the company's business interests, is not wholly charitable because the benefits are confined to a restricted class rather than the public or a section of the public. A rectification deed cannot cure that defect unless the governing instrument clearly authorises deletion of the object clauses; where it does not, trustees cannot retrospectively alter the trust objects, and a decree under section 92 CPC does not validate such retrospective change for assessment purposes. en-us Tue, 03 Apr 1984 00:00:00 +0530 Wed, 17 Feb 2010 12:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27983 Section 11 exemption requires trust property to be held wholly for charitable or religious purposes. A trust deed that includes objects benefiting a private company's employees, their families, or dependants, or financing studies for the company's business interests, is not wholly charitable because the benefits are confined to a restricted class rather than the public or a section of the public. A rectification deed cannot cure that defect unless the governing instrument clearly authorises deletion of the object clauses; where it does not, trustees cannot retrospectively alter the trust objects, and a decree under section 92 CPC does not validate such retrospective change for assessment purposes. Case-Laws Income Tax Tue, 03 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27983