1998 (11) TMI 50 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a case regarding a charitable trust created under a deed dated October 10, 1986. The trust was found to be valid and charitable, with the income required to be applied for charitable purposes as decided by the trustees. The trust deed specified that the trust property, including income, should be used solely for charitable purposes. The court emphasized the importance of income application for charitable purposes.