https://www.taxtmi.com/caselaws?id=38867 Wealth-tax exemption under section 5(1)(i) depends on whether the trust property is held for objects confined to India; a later trustee resolution limiting actual use of income does not change the scope of the trust where discretion to apply it to foreign objects remains. The distinction from income-tax law is material: for wealth-tax, the decisive enquiry is the territorial scope of the trust purposes, not the eventual application or accumulation of income. On that basis, a trust deed authorising objects extending beyond the taxable territories did not qualify for exemption, and the Revenue's view prevailed. en-us Tue, 15 Apr 1975 00:00:00 +0530 Sat, 10 Apr 2010 10:44:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38867 Wealth-tax exemption under section 5(1)(i) depends on whether the trust property is held for objects confined to India; a later trustee resolution limiting actual use of income does not change the scope of the trust where discretion to apply it to foreign objects remains. The distinction from income-tax law is material: for wealth-tax, the decisive enquiry is the territorial scope of the trust purposes, not the eventual application or accumulation of income. On that basis, a trust deed authorising objects extending beyond the taxable territories did not qualify for exemption, and the Revenue's view prevailed. Case-Laws Wealth-tax Tue, 15 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38867