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2006 (8) TMI 631 - ALLAHABAD HIGH COURTExtract: .......ation to the trustees. As only 1/3rd of the income was to be spent on charitable objects, the trust ceased to be trust for charitable purposes. Therefore, exemption was not justified. 7. We, accordingly, answer two questions referred to us in the negative, i.e., in favour of the revenue and against the assessee. There shall be no order as to costs.
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