1996 (12) TMI 1 - SCH - Wealth-tax

Charitable Trust - Whether the net wealth of the Hyderabad Race Club is exempt from wealth-tax under section 5(1)(i) of the Wealth-tax Act, 1957 - not a charitable organization hence not entitled to exemption

Summary

The Supreme Court dismissed the appeal regarding the exemption of net wealth of Hyderabad Race Club from wealth-tax under section 5(1)(i) of the Wealth-tax Act, 1957. The property held by the club was not considered to be under a legal obligation for a charitable purpose. The appeal was dismissed with no costs.