TMI Blog1995 (2) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment years 1970-71 to 1978-79, under section 27(1) of the Wealth-tax Act, 1957 : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the decision of the Appellate Assistant Commissioner that the assessee is a public charitable and religious trust and its properties are entitled to exemption under section 5(1)(i) of the Wealth-tax Act, 195 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose by a charitable trust of religious nature. Since the assessee has been held to be a public charitable/religious H trust, the exemption under section 5(1)(i) of the Wealth-tax Act is also allowable. Accordingly, we are of the view that the assessee is entitled for the exemption. Accordingly, the reference is answered in favour of the assessee and against the Revenue. No order as to costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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