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TMI Blog2001 (8) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... e 2 of the paper book: "1. Whether, the finding of the Tribunal that the trust as a whole was a public religious trust is based on any relevant materials or is perverse? 2. Whether the finding of the Tribunal that the assessee did entertain a bona fide belief that it was not liable to wealth-tax is based on any relevant materials or is perverse? 3. Whether the Tribunal is justified in law in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings under section 18(1)(a) for the delay in filing the returns. In appeal before the Commissioner of Wealth-tax (Appeals), the Commissioner of Wealth-tax (Appeals) has also dismissed the appeal. In appeal before the Tribunal, the Tribunal has taken the view that the assessee is a public religious trust it is not liable to pay the wealth-tax and when the assessee is not liable to pay the wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to by the Commissioner of Income-tax in his order read as under: "(i) 10 per cent. of the net income to be spent or reserved for the repairs of the dedicated properties ; (ii) 60 per cent. of the balance net income to be spent for sheba and puja of the deities which includes amongst others providing of Jal Chhatras for cattle, land for feeding the poor ; (iii) 20 per cent. of the balan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... true that all the objects of the trust are not referred to in the case of CIT v. Estate of B. P. Kayan Trust [1985] 155 ITR 60 (Cal), but a plain reading of the objects 1, 2 and 4 left no doubt in our mind that 80 per cent. income has been for charitable purpose, so far 20 per cent. of the balance net income to be spent on the trustee shebait's family that strictly cannot be said for charitable p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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