2001 (6) TMI 29

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....sessee's claim for exemption under section 5(1)(i) of the Wealth-tax Act, 1957, had been rejected for the assessment years 1972-73 to 1980-81. The assessee appealed to the Commissioner, who agreed with the assessee that its assets are exempt. The Tribunal having upheld the order of the Commissioner, the Revenue is before us questioning the correctness of the Tribunal's view. The relevant facts ....

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....ty had been running a boys school and a girls school and had also provided scholarship to students. The appellant-society also owns a mosque and a darga in which religious activities are carried on. The Commissioner found that the beneficiaries of the trust were members of the public, who were Mohamaden students and others belonging to the community. The objects of the trust as set out in the o....

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....)(i) of the Wealth-tax Act is applicable to "any property held under trust or other legal obligation for any public purpose of a charitable or religious nature in India". The assets held by the assessee in this case, are not assets forming part of any business. There is no finding that any part of the assets of the trust are used for any purpose outside India. The activities of the trust are ru....