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1972 (2) TMI 14 - DELHI HIGH COURTAssessee in this case is the Hamdard Dawakhana (wakf) represented by its mutawalli, Hakim Abdul Hamind - A seven-eighths portion of the annual income of the wakf which is transferred to the reserve fund is exempt from assessment under section 4(3)(i) of the Act and the remaining one-eighth portion of the income transferred to the reserve fund is not exempt from assessment under section 4(3)(i) - The one-eighth portion of the income transferred to the reserve fund is not chargeable to tax at the maximum rate under the first proviso to section 41(1) of the Act. Since seven-eighths of the amount of the share of charity is exempt, the one-eighth share of the private beneficiary is taxable in his hands at the ordinary rates
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