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2007 (1) TMI 104 - HC - Income TaxAssessee, a trust, claiming exemption of Income from properties & lease rentals u/s 10(22) & 11 - eligibility to exemption has to be decided with reference to the objects of the trust - object of the assessee trust is education & activities of letting out properties & receiving lease rentals is an activity carried on only to fulfill the object of the trust. Hence, the income derived by letting out the properties cannot be treated as business income of the assessee - exemption allowed
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