1998 (11) TMI 50

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....circumstances of the case, the Appellate Tribunal is right in holding that the trust is a valid charitable trust and in directing the Wealth-tax Officer to redo the assessments in the light of the provisions of section 21(1) read with section 21A of the Wealth tax Act, 1957 ?" The trust referred to is one which was created under the deed dated October 10, 1986. The trust deed has not been produc....

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....of the revenue that the income of the trust has been applied for any purpose which cannot be regarded as charitable purpose. The Supreme Court in the case of Gangabai Charities v. CIT(1992) 197 ITR 416 held that the crux of the statutory exemptions under section 11(i)(a) of the Act is not the income earned from the property held under the trust but the application of the said income for religious ....