2001 (8) TMI 59

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....t, 1957, this court has directed the Tribunal to refer the following questions set out at page 2 of the paper book: "1. Whether, the finding of the Tribunal that the trust as a whole was a public religious trust is based on any relevant materials or is perverse? 2. Whether the finding of the Tribunal that the assessee did entertain a bona fide belief that it was not liable to wealth-tax is b....

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....sment under section 16(3) of the said Act. The Wealth-tax Officer has also initiated penalty proceedings under section 18(1)(a) for the delay in filing the returns. In appeal before the Commissioner of Wealth-tax (Appeals), the Commissioner of Wealth-tax (Appeals) has also dismissed the appeal. In appeal before the Tribunal, the Tribunal has taken the view that the assessee is a public religiou....

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....s not entitled to exemption under section 5(1)(i) of the Wealth-tax Act. The objects which are referred to by the Commissioner of Income-tax in his order read as under: "(i) 10 per cent. of the net income to be spent or reserved for the repairs of the dedicated properties ; (ii) 60 per cent. of the balance net income to be spent for sheba and puja of the deities which includes amongst oth....

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....holarships to students and for their lodging and boarding expenses. Both are charitable objects." It is true that all the objects of the trust are not referred to in the case of CIT v. Estate of B. P. Kayan Trust [1985] 155 ITR 60 (Cal), but a plain reading of the objects 1, 2 and 4 left no doubt in our mind that 80 per cent. income has been for charitable purpose, so far 20 per cent. of the ba....