1998 (11) TMI 48 - HC - Wealth-tax

Summary

The High Court of Madras ruled that the assessee, a trust engaged in wide-ranging charitable activities, was entitled to exemption under section 5(1)(i) of the Wealth Tax Act for the assessment years 1966-67 to 1974-75. The Tribunal found that the trust's primary object was charitable, and all income was applied for charitable purposes. The Court upheld the Tribunal's decision in favor of the assessee against the revenue.