https://www.taxtmi.com/caselaws?id=61844 Exemption for a charitable trust operating a kuri business depends on whether its governing objects and actual expenditure remain confined to authorised charitable purposes. The Tribunal treated the Memorandum of Association as prevailing over inconsistent Articles of Association; an article permitting use of funds for any purpose was therefore confined to purposes authorised by the Memorandum. Retrospective charitable registration supported eligibility for exemption. The kuri business was regarded as an instrumentality for charitable activity rather than an independent business that would bar relief. Exemption was granted, while the assessing officer was directed to verify that expenditure matched authorised objects and permit submission of an audit report. en-us Wed, 10 Mar 1993 00:00:00 +0530 Sat, 15 Jan 2011 16:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61844 Exemption for a charitable trust operating a kuri business depends on whether its governing objects and actual expenditure remain confined to authorised charitable purposes. The Tribunal treated the Memorandum of Association as prevailing over inconsistent Articles of Association; an article permitting use of funds for any purpose was therefore confined to purposes authorised by the Memorandum. Retrospective charitable registration supported eligibility for exemption. The kuri business was regarded as an instrumentality for charitable activity rather than an independent business that would bar relief. Exemption was granted, while the assessing officer was directed to verify that expenditure matched authorised objects and permit submission of an audit report. Case-Laws Income Tax Wed, 10 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61844