1995 (2) TMI 40 - HC - Wealth-tax

Summary

The High Court of Rajasthan ruled in favor of the assessee, a public charitable and religious trust, allowing exemption under section 5(1)(i) of the Wealth-tax Act for properties held by the trust. The court held that since the trust was deemed charitable under the Income-tax Act, it was entitled to exemption under the Wealth-tax Act as well. The Tribunal's decision upholding the trust's exemption claim was deemed justified.