https://www.taxtmi.com/caselaws?id=49283 Income from trust property is exempt under section 4(3)(i) of the Indian Income-tax Act, 1922 only if it is actually applied, or consciously accumulated for application, to religious or charitable purposes within the taxable territories. A mere future discretion to spend the income either within or outside those territories does not amount to a valid accumulation, because the statute requires a present act of setting apart the income for the specified purpose. Keeping the income in suspense, without earmarking it for charitable or religious application, fails the statutory condition. en-us Tue, 26 Oct 1965 00:00:00 +0530 Fri, 28 Jun 2024 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49283 Income from trust property is exempt under section 4(3)(i) of the Indian Income-tax Act, 1922 only if it is actually applied, or consciously accumulated for application, to religious or charitable purposes within the taxable territories. A mere future discretion to spend the income either within or outside those territories does not amount to a valid accumulation, because the statute requires a present act of setting apart the income for the specified purpose. Keeping the income in suspense, without earmarking it for charitable or religious application, fails the statutory condition. Case-Laws Income Tax Tue, 26 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49283