https://www.taxtmi.com/caselaws?id=151782 The article explains that, after the 1984 amendment, the "general public utility" limb of charitable purpose under section 2(15) returned broadly to the pre-1961 position, so a trust could still qualify on that basis even if it earned substantial profit. It further states that section 11(4A) operates only on business income: exemption is restricted where income consists of profits and gains of business unless the business is incidental and separate books are kept. The commentary also clarifies that the amendment does not displace exemption for income assessable under other heads, including house property, capital gains, or income from other sources. en-us Thu, 19 Oct 2006 00:00:00 +0530 Sat, 17 Feb 2024 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151782 The article explains that, after the 1984 amendment, the "general public utility" limb of charitable purpose under section 2(15) returned broadly to the pre-1961 position, so a trust could still qualify on that basis even if it earned substantial profit. It further states that section 11(4A) operates only on business income: exemption is restricted where income consists of profits and gains of business unless the business is incidental and separate books are kept. The commentary also clarifies that the amendment does not displace exemption for income assessable under other heads, including house property, capital gains, or income from other sources. Case-Laws Income Tax Thu, 19 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151782