Trust business income: exemption for trust or institution income doesn't apply unless business is incidental and separate books are maintained. The amendment excludes profits and gains of business of a trust or institution from the application of the income-tax exemption provisions unless the business is incidental to the attainment of the trust's or institution's objectives and separate books of account are maintained in respect of such business.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trust business income: exemption for trust or institution income doesn't apply unless business is incidental and separate books are maintained.
The amendment excludes profits and gains of business of a trust or institution from the application of the income-tax exemption provisions unless the business is incidental to the attainment of the trust's or institution's objectives and separate books of account are maintained in respect of such business.
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