https://www.taxtmi.com/caselaws?id=66441 The Tribunal found that the trust qualified for exemption under section 11 of the Income-tax Act as its objects were charitable, and the income derived from property held under trust or voluntary contributions. The assessments were set aside, and the appeals were allowed. The Tribunal determined that the income from conducting races and inter-venue betting was not considered business income but income from property held under trust, thus not subject to section 13(1)(bb) classification. en-us Wed, 29 Feb 1984 00:00:00 +0530 Thu, 24 Feb 2011 16:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66441 The Tribunal found that the trust qualified for exemption under section 11 of the Income-tax Act as its objects were charitable, and the income derived from property held under trust or voluntary contributions. The assessments were set aside, and the appeals were allowed. The Tribunal determined that the income from conducting races and inter-venue betting was not considered business income but income from property held under trust, thus not subject to section 13(1)(bb) classification. Case-Laws Income Tax Wed, 29 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66441