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1985 (4) TMI 134 - AT - Income TaxExtract: .......he corpus of the trust. The requirements of section 12 are, therefore, satisfied and the assessee is entitled to exemption. There will, therefore, be no assessment to tax in relation to this assessment year. 5. In the view that we have taken above, we do not go into the aspect of application of income. 6. The appeal would, therefore, stand allowed.
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