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2003 (12) TMI 20 - MADRAS HIGH COURTExemption under section 5(1)(i) – trust – object of the trust - whether the Tribunal is right in holding that the assessee-trust is not entitled to exemption under section 5(1)(i) of the Wealth-tax Act, 1957. - Clause 4B of the trust deed makes it amply clear that the corpus of the trust was only to be utilised and/or accumulated for contributing to the Aurobindo International Centre of Education and other institutions which are charitable institutions - The carrying on of an activity for profit in the course of actually carrying out the primary purpose of the trust would not disqualify the trust from being regarded as a charitable trust - The view taken by the Tribunal that the properties held by this trust are not held for charitable purpose is erroneous. The appeal is allowed. The question set out earlier is answered in favour of the assessee and against the Revenue.
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