https://www.taxtmi.com/caselaws?id=38221 A trust is not wholly charitable where the deed reserves a substantial part of income for family descendants and directs part of the income to corpus augmentation through investment in immovable property; in that situation, full exemption under section 4(b) of the Tamil Nadu Agricultural Income-tax Act, 1955 is unavailable and exemption extends only to income actually applied to charity. Where the beneficiaries have ascertainable and definite shares, income attributable to their benefit is assessable in a representative capacity under section 8(1)(a), even if the surplus must first be ascertained after charitable outgoings. The whole income cannot be clubbed as one assessable unit in the trustees' hands. en-us Wed, 06 Apr 1977 00:00:00 +0530 Sat, 03 Apr 2010 18:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38221 A trust is not wholly charitable where the deed reserves a substantial part of income for family descendants and directs part of the income to corpus augmentation through investment in immovable property; in that situation, full exemption under section 4(b) of the Tamil Nadu Agricultural Income-tax Act, 1955 is unavailable and exemption extends only to income actually applied to charity. Where the beneficiaries have ascertainable and definite shares, income attributable to their benefit is assessable in a representative capacity under section 8(1)(a), even if the surplus must first be ascertained after charitable outgoings. The whole income cannot be clubbed as one assessable unit in the trustees' hands. Case-Laws Income Tax Wed, 06 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38221