Recent media reports indicate that Azim Premji, India's third richest man, has become the first Indian to sign up for the "Giving Pledge", a campaign led by Warren Buffet and Bill Gates to encourage the wealthiest people to make a commitment to give most of their wealth to philanthropic causes. A couple of days later, he transferred shares worth about Rs 12,300 crore to his philanthropic arm, the Azim Premji Trust.
Can Azim Premji be harassed under the old and archaic provisions of the Income-Tax Act relating to taxation of charitable trusts?
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