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2009 (1) TMI 114 - MADRAS HIGH COURT
Charitable trust – exemption u/s 11 - Property of the Trust was in a dilapidated condition and therefore fresh construction had to be undertaken by obtaining loan from Bank - . The subsequent letting out of the property was connected with the carrying out of the objects of the Trust – hence, repayment of loan taken from the Bank was application of income for charitable purposes and, therefore, the assessee trust was eligible for exemption under Section 11