2001 (6) TMI 29 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, allowing their claim for exemption under section 5(1)(i) of the Wealth-tax Act. The court found that the trust's activities, including running schools and managing religious institutions, were charitable in nature. The court held that the assets held by the assessee were held under trust for public charitable purposes, making them eligible for exemption under the Wealth-tax Act. The Tribunal's decision in favor of the assessee was upheld, and the Revenue's appeal was dismissed.